Swiss commit to transparency despite UBS action
Switzerland has reiterated its committment to international tax standards
Switzerland’s finance minister, Hans-Rudolf Merz, has reaffirmed the
country’s willingness to increase tax transparency by committing to 12 revised
double taxation treaties by the end of this year.
The committment comes at a time when the US Department of Justice has
confirmed it intends to forge ahead with plans to undertake legal action against
investment banking giant UBS, according to
The Internal Revenue Service (IRS) is seeking the identities of some 52,000
American private wealth clients of the bank with accounts in Switzerland.
The secretive haven has already negotiated six tax information agreements
this year, and needs an additional six to comply with the Organisation for
Economic Co-operation and Development’s minimum of 12, which elevates
jurisdictions to ‘white-list’ status.