German region to buy data on suspected tax dodgers: report

16th November 2011, Comments 0 comments

Tax authorities in a western region in Germany are planning to buy data on German clients suspected of tax evasion of a Swiss bank, a report by the Financial Times Deutschland to be published Thursday said.

Authorities in North Rhine-Westphalia are to buy a CD with data concerning around 1,000 German clients of the private Couts Bank, a subsidiary of the Royal Bank of Scotland.

It will be the first time German authorities will buy data on suspected tax cheats since Berlin and Bern signed a deal on double taxation in August that will come into force in 2013 and could net billions of euros for German tax coffers.

The accord aims to close a dispute between the two neighbours that blew up into a major spat in 2010 when German authorities raided branches of Credit Suisse bank in 13 German cities after buying data on suspected tax dodgers.

Switzerland reacted angrily, saying the data -- bought for a reported 2.5 million euros -- was stolen in violation of its banking secrecy laws.

According to German media, between 130 and 180 billion euros in German assets are hidden in Switzerland.

© 2011 AFP

0 Comments To This Article