Switzerland has struck a deal with the European Union over the controversial savings tax issue, agreeing to levy a flat tax on EU citizens holding accounts in the country.
Accountancy Age, 07 Jun 2004
The decision means the Swiss have joined Austria, Belgium, Luxembourg, Andorra, Liechtenstein, Monaco and San Marino in imposing withholding taxes rather than change their laws on banking secrecy.
A meeting of the EU Council of Finance Ministers has now ruled the agreed EU Savings Tax Directive can be implemented, although negotiations are still required with Switzerland over the timing.
Ministers want it in force by 1 January, but the Swiss government plans a referendum to ratify its decision.
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