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Those who squirrel away in Switzerland undeclared wealth will be pleased with this case. What is worse, the United Kingdom following the month of May next

German fraudsters

with money hidden in Swiss banks can sleep easy tonight. For the German government this week agreed Initial beggar-thy-neighbor undermining years of diplomacy to work penetrate Swiss banking secrecy Overall corrosive. The agreement, which is due to be signed by the governments in the coming weeks, Germany sees a paltry $ 2.8 billion in advance to accept said Swiss banks hold about $ 276 billion of some Germans undeclared wealth.

In addition, the agreement says that the Germans will in future be taxed at 26% on income from Alpine Their accounts - money the Swiss authorities will then return to Germany. Purpose of the secret accounts with the Germans will not be forced to tell the taxman that they hide their assets abroad. Their identities will remain secret, the Swiss bankers to keep to their boast of "privacy" and "Privacy."

two governments are Spinning Their agreement as a huge success for international cooperation and the fight against tax evasion.

In fact, Germany is going back years of coveralls Towards the end of banking secrecy in tax havens cost the most pervasive. It dealt a serious blow to prospects automatic, multilateral exchange of tax information between governments, which is the gold standard to deter tax evasion.

German

tax justice campaigners are hoping the agreement with Switzerland can be repealed. What is the purpose of scores of countries without the economic and political influence to negotiate such agreements with Switzerland? How are they to capture some of the billions they are bleeding as a result of tax evasion and corruption

With the British government
Treasury official, who used to negotiate tax treaties for the United States, recently told me about rage thesis focuses on how history is dirty defeating an entire career working against secrecy financial support.

This is the scourge of tax havens as tax assets Justice Network estimates total $ 11.5tn foreign prisoners - which could, if imposed in Excess of revenue yield $ 225bn. This is money that could pay for schools, hospitals, university fees and so on - not only in the developed world order aussi in developing countries. It is $ 11.5tn that could be used productively in the global economy hidden away in the Alps than the year tax haven for private purposes.

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