Germany approved the amendments of the shvejtsarsko-european agreement

12.03.2012

Germany and the European Commission resolved disagreements regarding the bilateral agreement conclusion where there is the information about withholding tax collect and counteraction to practice of evasion from tax payment.

In case of disputable situations, the positions containing in tax agreements of the European Union, will have a priority before the positions containing in agreements between Germany and any country, signed this agreement.

The Positions of the future agreement will be applied in particular to the percentage profit received by citizens of Germany from in vested assets on accounts of the Swiss banks. By this moment such income within the limits of corresponding EU norms is subject to taxation under the rate of 35 %.

This signed agreement will extend on the capital income, including the percentage income, dividends, profit on a capital gain. Further these kinds of profit will be subject to taxation under the rate of 26 %. 

Expert’s opinion

«Switzerland again is under a sight of the international tax services. This time the European Commission has subjected audits the agreement with Germany, concerning the taxation the Germans means, stored on bank accounts in Switzerland. It becomes heavier to keep the «bank» advantage for the country of the Alpes. And even more often there is an interest to Deutsche Banks, considering an economic situation of this state».

On the basis: http://europa.eu

Lomakina Irina ( the director of Moscow office of Honest & Bright )