Years for Swiss secrecy legislation to materialise

The process to relax Switzerland's banking secrecy rules will take years to come into effect despite growing international pressure to increase tax transparency.

Hans-Rudolf Merz, Switzerland’s finance minister, said the time lag in adopting any new legislation would be influenced by the 70 double taxation treaties held by Switzerland, according to ft.com

Merz said Switzerland is receptive to proposals to close loopholes in the global tax system.

'We always said we preferred savings taxation and were prepared to extend it. We were prepared to include companies, as well as individuals, and even extend the scheme to countries beyond the EU,' he said.

Last week Gordon Brown backed a move by Peer Steinbrück, Germany’s finance minister, that urgent action was needed.

Further Reading:

Liechtenstein eases bank secrecy rules

UBS chief urges reform of Swiss banking rules

Darling's dig at Swiss banking 'secrecy'