German tax cheat deal blocked

A new agreement with Switzerland aimed at ending a long-running dispute over German tax cheats who hide their money in Swiss banks, has been blocked by Germany’s upper house of Parliament.

The deal would have allowed Germans with undeclared assets in Switzerland to escape punishment by making a one-time payment of between 21% and 41% of the value of their Swiss-held assets. German authorities were also to be given more powers to seek information on German nationals’ accounts in Switzerland.