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Vontobel Reaches Agreement On Untaxed German Assets

by Ulrika Lomas, Tax-News.com, Brussels

20 February 2018


Swiss-based asset manager Vontobel has reached a settlement with German authorities on untaxed assets held by certain of its German clients.

A statement issued by Vontobel explained that the mutual settlement had been agreed with the authorities in the German state of North Rhine-Westphalia in connection with untaxed assets held by German clients.

Vontobel will pay a one-off sum of approximately EUR13.3m (USD16.5m). Vontobel expects the payment to have no financial impact on its figures for the current fiscal year.

The agreement will apply to all German states.

Vontobel said that the deal completes its "efforts to rectify past mistakes."

"Vontobel's main concern from the outset was to ensure clarity and legal certainty, particularly in the interests of its staff," the statement concluded.

TAGS: compliance | tax | tax compliance | banking | Germany | Switzerland

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