The Swiss Banker's Association has revealed that it will push for new domestic legislation to back up the agreement reached with the European Union on the taxation of interest income earned by foreigners with bank accounts in Switzerland.
In a press conference on Wednesday, the SBA said that the new legislation would act as “additional insurance” against any unforeseen circumstances arising as a result of the agreement with the EU.
"Our aim is merely to formulate in more precise terms those provisions of Swiss law that will help exclude the ambiguities of the future EU law," Urs Roth, chief executive of the SBA explained.
The Association is also urging the Swiss government to keep tabs on how negotiations between the EU and other financial centres are proceeding, if at all, regarding the implementation of similar agreements.
According to Roth, the agreement with the EU will cost the Swiss banking sector a "high three-digit million" figure.
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