Government Survey Finds Swiss Less Keen On Banking Secrecy

by Ulrika Lomas, Tax-News.com, Brussels

01 October 2004

The findings of a survey by the Swiss government have revealed that growing numbers of Swiss citizens are in favour of a reduction in banking secrecy.

According to the Finance Ministry survey of 1,516 residents aged between 15 and 74, some 51% of Swiss are in favour of banking secrecy, down from 57% in 2003.

Furthermore, about one third of the respondents want to weaken the banking secrecy laws, while 15% are in favour of abolishing them altogether, up from 11% a year ago.

“The last four years have seen a clear polarisation of opinions,” commented a spokesman for the ministry.

The survey also found that 35% of those questioned had an accurate idea of the size of the national debt, which is currently SFr124 billion ($98.5 billion).

Some 31% were in favour of higher taxes to reduce this debt, although only 13% wanted to see new taxes introduced to tackle the deficit.

Around a third believed the overall tax burden in Switzerland was higher than in European Union countries, while a quarter of those questioned said it was as high.

Only 8% of the survey sample understood the basis of the recent agreement with the EU concerning the savings tax directive.

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