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SPBA Seeks Law On Swiss Tax Information Exchange,
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, January 19, 2010
The Swiss Private Bankers Association (SPBA) has urged parliament to adopt –
as quickly as possible – a federal law pertaining to administrative assistance
in tax matters.
Emphasizing the pressing need for a specific new law, President of the Geneva
Private Bankers Association, Anne-Marie de Weck, explained that such a law would
serve to provide much needed clarification for both the federal administration
and the courts on how to interpret the country’s recently renegotiated
double taxation agreements (DTAs), which now conform to the Organization for
Economic Cooperation and Development’s (OECD) standard.
While the SPBA has underlined the fact that it is fully in favor of the ratification
of further double tax agreements conforming to the OECD standard, it has nevertheless
urged the government not to proceed at such speed. It has also questioned whether
or not it is prudent to offer extended cooperation in tax matters to non-member
states.
Acknowledging the fact that the Federal Council had already established certain
criteria prior to the renegotiation of the DTAs, the SPBA stated that, in the
light of recent events, a law is imperative if legal security is to be guaranteed
– a traditional advantage on which the reputation of the Swiss financial
center has been built.
The SPBA raised concerns regarding the wording contained in the new bilateral
agreement currently being negotiated with France, fearing that France could
demand information from Switzerland without specifying in which banking establishment
the account is held. Switzerland would then be obliged to carry out the necessary
research, the association pointed out.
Alluding to the recent case of data stolen from an HSBC bank in Switzerland,
which was subsequently passed to French authorities, the SPBA also stressed
the need for the Swiss authorities to refuse administrative assistance in such
instances.
According to the SPBA, further evidence of the urgent need for clarification
is the recent ruling by the Federal Administrative Court that the order issued
by the Financial Market Supervisory Authority to disclose UBS client
information to US authorities was unlawful.
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