UBS Chief Doesn't Fear Exodus If Withholding Tax Introduced
Speaking to the Basler Zeitung news service this week, the head of UBS's wealth
management and business banking operations, Marcel Rohner revealed that the
bank does not fear a massive outflow of assets from the Swiss banking sector
if a withholding tax on non-resident savings interest is eventually imposed
as a result of the EU's Savings Tax Directive. As the debate continued to rage around the Swiss, with Luxembourg refusing
to accept the voluntary information exchange/withholding tax package put forward
by the government, Mr Rohner reasoned that during the recent Italian tax amnesty,
between 80-90% of investors chose to keep their assets in Switzerland. This, according to the UBS chief executive officer, clearly demonstrates that
there are other considerations than tax at play in deciding to locate wealth
in Switzerland. Mr Rohner concluded the Basler Zeitung interview by observing that in his opinion,
the withholding tax model represents the way forward for Switzerland in an EU
context. A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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