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23.01.13 - In autumn 2011 and April 2012, withholding tax agreements were signed with Germany, the United Kingdom and Austria. The agreements provide for both a solution for the regularisation of previously untaxed assets and the taxation of future investment income. For the Federal Council, withholding tax agreements are an alternative to the automatic exchange of information. The agreements safeguard the privacy of bank clients and ensure the implementation of the three countries' legitimate tax claims.
The agreements with the United Kingdom and Austria entered into force on 1 January 2013. The agreement with Germany foundered because of opposition from the German parliament. Negotiations are being conducted with Greece and Italy on similar agreements.
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