Switzerland expects to be removed from a list of tax havens after the Alpine state signed its twelfth tax deal yesterday – with Qatar - taking it over the line to be placed on a “white list” of co-operative regimes.

In April, the Organisation for Economic Co-Operation and Development drew up a “grey list” of regimes that it deemed had promised to help root out alleged tax evaders but had not yet implemented full measures. Switzerland has come under particular pressure in recent months, given its centuries-old tradition of bank secrecy. The stakes for the Swiss banking sector are particularly large as it accounts for about 13 per cent of that country's gross domestic product.

"With today's signing of the new double taxation agreement with Qatar by President Hans-Rudolf Merz and the Prime Minister of Qatar, Switzerland has been swift to implement the OECD criteria," the finance ministry said in a statement. "Further agreements will follow. Consequently, Switzerland will be removed from the "grey list' of the OECD Secretariat," it said.

In addition to the clause on administrative assistance in accordance with the OECD standard, a double tax agreement with Qatar was agreed, the  statement said.

“Agreement was reached on a so-called 'zero rate' on dividend payments of a Swiss company made to the state or state institutions and pension funds (i.e. the source country has no right to levy taxes on dividends) and on a withholding tax of 5 per cent for significant participations (for levels of participation above 10 per cent),” it said.

Switzerland continues to insist, meanwhile, that any tax agreements it signs with other nations do not give such countries any rights to go on what it has called "fishing expeditions" in the hope of catching alleged tax evaders. Tax evasion is not treated as a crime under Swiss law - in contrast to how it is so regarded in countries such as the US -  while fraud is treated as a crime by the Alpine state.