Germany’s Bundesrat did not approve tax deal with Switzerland

The accord is set to fail if no compromise is found next month

The German upper house of parliament, dominated by opposition parties, has rejected a tax treaty aimed at legalising undeclared assets held by Germans in Swiss banks. At the same time opposition parties in Germany have called for new negotiations with Switzerland.

However, the Swiss finance minister, Eveline Widmer-Schlumpf, has stressed in the past that there would be no further concessions and that the text of the treaty will not be changed further.
Eveline Widmer-Schlumpf, stated that “Switzerland remains prepared to bring the ratification process with Germany to a successful conclusion”.
The original tax agreement with Germany was already modified in the spring and was seen as a blueprint for similar deals with other countries.,