According to reports, those opposed to the deals failed to get the 50,000 signatures required to force the vote, meaning they can now come into force in January as planned.
The UK and Austria have already ratified the agreement which was approved by the Swiss parliament in June. The agreements allow offshore bank account holders of the three countries to preserve anonymity in exchange for a tax on future income and a levy of up to 41% on existing assets.
The German agreement however, has not been approved, with the decision currently sitting at the Bundesrat, the upper house of the German parliament.
Here’s what industry experts thought of the deal when it was struck….
