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Also, there will be a flat withholding tax on capital gains of 26 percent
-- the same as in Germany -- on German residents' wealth in Switzerland. "This is how justice is achieved -- an equal treatment of people subject to German taxes, regardless if they have their wealth in Switzerland or Germany," Finance Minister Wolfgang Schaeuble said. But the Social Democrats' leader Sigmar Gabriel rejected the outcome, arguing that the agreement
-- which will take effect only on January 1 of next year -- leaves tax evaders too much time to move their assets to another tax haven. "The core problem remains unsolved
-- that tax cheaters will get away without punishment," he told reporters. Switzerland has been working to shed its image as a haven for tax evaders, but insisted throughout its negotiations with other governments that it won't accept any automatic transfer of information on foreign account holders
-- ensuring that a semblance of its banking secrecy remains in place. Switzerland signed a similar amendment to a tax agreement with Britain last week.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
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