The double taxation accords Switzerland has signed with the UK and Germany are fine by EU law—so says the European Commission, which approved them yesterday.

It has not yet had time to look closely at the most recent accord signed with Austria, however.

The commission’s approval is a boost for the so called Rubik tax deal.

After a bulk payment to settle outstanding taxes, the accord puts the onus on Swiss banks to make sure foreign account holders are taxed at a rate agreed upon with the home country. 

more WRS coverage on tax