Switzerland’s House of Representatives has rejected the controversial deal on inheritance tax between Switzerland and France.
The agreement signed in July this year, proposed inheritances would be taxed based on where the recipient resides not where the deceased person lived, as used to be the case.
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France taxes inheritance progressively up to 45% compared to Switzerland’s maximum of 7%. The agreement was aimed at making it harder for people living in France to evade taxes.
The House of Representatives has refused to ratify an agreement on inheritance tax between Switzerland and France, with many parliamentarians considering it an attack on Swiss sovereignty.
According to swissinfo.ch, parliamentarians – especially those from cantons closest to France – led the charge against the deal, stating that it impinged on Swiss sovereignty.
Defending the deal, Swiss finance minister Eveline Widmer-Schlumpf said it was not negotiated under French pressure.
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By GlobalData"Switzerland asked for a new convention after Paris said it was going to dump the previous accord dating back to 1953," swissinfo.ch quoted her saying.
According to the publication, the other chamber of the Swiss parliament may also reject the the deal when its turn to vote comes.
