The Swiss Federal Department of Finance has released figures reporting that tax withheld on interest payments in Switzerland liable to tax in the EU increased from SFr537 million ($513 million) for the year 2006 to SFr653 million for 2007. The agreement with the EU on the taxation of savings income, in force since 2005, makes provision for 75 per cent to be passed on to the member states concerned. The remaining 25 per cent is kept by the Swiss government, with 10 per cent of this passed on to the cantons. The Swiss figures show that, of the withholding tax revenues transferred to EU member states, the largest amounts were passed to Germany (SFr131 million), Italy (SFr125 million), France (SFr62 million) and the UK (SFr40 million).