As a result Switzerland may face financial sanctions unless it complies with the EC, the EU Commissioner for the internal market Frits Bolkestein told EU finance ministers.
This comes after Switzerland failed to come up with an adequate proposal for supplying information about savings accounts held by EU residents.
Switzerland said it would only release information where criminal activity was suspected. A ban on Swiss investment in the EU is one possible sanction, Commission officials said.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation