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SPBA Examines Future Of Private Banking In Switzerland,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, January 21, 2010
President of the Swiss Private Bankers Association (SPBA), Konrad Hummler, has
recently unveiled details of the association’s strategy for the Swiss financial
center, as defined in its general meeting held last year.
The strategy is centered around four axes, two of which the
SPBA considers to embody essential principles, and two of which it deems “negotiable”:
The first axis, and the foremost principle underpinning the strategy, is
financial privacy, which, the SPBA emphasizes, is a fundamental right of any
individual, irrespective of their country of origin. This right does not,
however, entitle an individual to neglect domestic tax obligations.
The second axis enshrines the principle that, whatever happens in future
to the Swiss financial center, neither the upstanding banking employees nor
their clients may be criminalized, either at home or abroad.
The third axis marks flexibility in the area of taxation, provided that
both the first and the second axes are deemed absolute.
The final axis stipulates that concessions in the area of taxation may
only be granted provided that foreign countries agree to offer Switzerland
a service in return.
The SPBA President highlighted the fact that the idea of levying a withholding
tax on foreign account holders not only demonstrated Switzerland’s commitment
to honoring, as far as possible, an individual’s privacy, but also to
acknowledging the legitimate fiscal requirements of other civilized and democratic
countries.
Hummler also underlined the fact that a withholding tax is merely a logical
extension of a tax levied on interest, which has already been agreed with the
European Union (EU).
Defending the idea of levying a withholding tax, Hummler explained that rather
than being proposed “too late”, it comes just at the right time,
ahead of the proposed revision of the Savings Tax Directive in 2013. The SPBA
vehemently rejects the idea of an automatic exchange of information, he stressed.
According to Hummler, a lack of market access abroad is posing significant
difficulties for the Swiss financial sector, particularly within the EU. Services
are, as a rule, only able to be carried out via subsidiaries, Hummler continued,
which consequently has a negative effect on jobs in Switzerland, on net product,
and on tax revenue.
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