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

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

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.

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