The treaty on collaboration in the fields of taxation and financial markets signed by Switzerland and Germany on 21 September 2011 focuses on taxation, and in particular on income from capital investment. It also includes a protocol aimed at improving the exemption procedure for Swiss banks in Germany, a move designed primarily to accelerate the process.
This protocol gives us cause to look ahead and consider the legal framework which will apply to Swiss banks engaging in cross-border business in Germany. In terms of compliance the new treaty will make it easier for Swiss banks to venture into Germany, although they also face new challenges and as yet unexplored terrain when doing business with private customers.
To view the complete update Banking & Finance 2011 please click on http://www.cms-hs.com/Update_Banking_Finance_1111.
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