TaxPersonal TaxYears 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’

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