Years for Swiss secrecy legislation to materialise

Years for Swiss secrecy legislation to materialise

Calls for Switzerland to relax its banking secrecy rules could take years to come into effect

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’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource