Switzerland and Germany in tax deal

Switzerland and Germany will sign a deal to regularise untaxed money stashed in secret Swiss bank accounts on 10 August. Swiss banks are likely to have to pay an up-front advance payment to the German government, which will only be reimbursed if their clients pay back-taxes they owe to the German authorities. In future, the Swiss banks will levy a withholding tax on income earned by assets belonging to German customers.