GENEVA: A deal between Germany and Switzerland aimed at tackling cross-border tax dodgers should be ratified quickly and not opened for renegotiation, the Swiss Bankers' Association (SBA) said on Tuesday.
Claude-Alain Margelisch, chief executive officer of the group representing some 350 Swiss banks, said that the accord was "fair and balanced" and urged German finance minister Wolfgang Schaeuble to push through approval.
"We are convinced that no renegotiation is possible," Margelisch told the Foreign Press Association of Switzerland.
Switzerland should also negotiate bilateral tax deals with other European countries, Margelisch said, noting that a number of neighbours including Italy had voiced interest. "That shows that our model is starting to be accepted," he said.
Germany and Switzerland said a week ago they were still discussing the agreement after a report in the German weekly Der Spiegel that Berlin wanted to renegotiate the deal signed in September.
The deal aims to tax money stashed by German citizens in secret accounts, which would net Berlin billions of euros and chip away at Switzerland's renowned banking secrecy laws. The country has also signed a tax deal with Britain.
Margelisch, asked about renegotiation of the pact with Germany, replied: "The priority would be ratification. There is no option to discuss what the different possibilities are if it does not take place.
"Finance Minister Schaeuble must convince the Laender it is a good compromise. It is in the interest of both countries to find a common way to ratify this treaty," he added. The Swiss do not expect the agreement to require any changes.
Strict secrecy has helped Switzerland build up a $2 trillion offshore financial sector. But the Alpine country has faced an international campaign in recent years to tackle tax evasion as governments with big budget deficits seek to boost revenues.
Switzerland is in talks with the United States on measures to deliver bank details of suspected US tax evaders in response to pressure from Washington.
"We want to have a definitive solution with the United States," Margelisch said.
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