Switzerland Holds Out Against EU Pressure Over Savings Tax Directive
Despite renewed pressure from the European Union, Switzerland is continuing to hold its ground on the issue of the Savings Tax Directive, insisting that certain compromise proposals are met before it signs up to the measure.
Following statements by EU ministers on Tuesday urging Switzerland to change its position, media reports indicated that Swiss Finance Minister, Hans-Rudolf Merz was sticking to his guns on the issue of separate negotiations regarding security cooperation and tax fraud. The Swiss have insisted from an early stage that they want an opt out in the area of judicial cooperation.
“For the moment, it would be absolutely wrong to sign the agreement on savings tax,” stated Merz.
However, EU ministers appear equally adamant that they will not accept the linking together of the two issues as a condition of Swiss participation.
“It’s a clear, common position,” remarked Germany's finance minister, Hans Eichel. “We won’t accept linkage between questions that aren’t related.”
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