Switzerland has completed a programme to pay hundreds of millions of euros to Britain and Austria in settlements for past tax-evasion by their citizens, news agency AFP has reported.
Over the course of the year-long programme, the UK had received a total of EUR593 million, and Austria EUR738.3 million, the report said.
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The completion of the payments means that the British and Austrian clients’ funds are now considered clean by their homelands’ tax authorities and Switzerland.
In addition to the deal on securing back taxes, Switzerland has agreed to collect regular taxes from British, Austrian and other European Union account holders, then transfer the money to the individual’s homeland anonymously.
Switzerland had also negotiated a deal with Germany to clear past tax-dodging, but was rejected by German lawmakers.
Meanwhile, France refused to make a similar deal with Switzerland, preferring to oblige French tax-dodgers with cash in Switzerland to use its own national system.
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