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Switzerland May Implement Sanctions Against OECD,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, April 16, 2009
Switzerland may exercise its veto on various key votes within the OECD together
with applying other financial sanctions aimed increasingly at Angel Gurria,
the OECD Secretary-General in protest at the way he personally is applying pressure
to relax bank secrecy laws and share information for tax purposes.
The Swiss have already blocked a budget payment of USD180,000 and are considering
delaying their payment of a USD 8.65m membership subscription. The USD180,000
was destined to promote the OECD's widening engagement with emerging economies,
including China and India, which is regarded as one of Gurria's most important
initiatives.
Further Swiss applications of its veto have been discussed in the Swiss Parliament
with the aim of disrupting such prime initiatives, and the Swiss right of veto
over Gurria's re-election in 2011 was a focus point in the debate.
Last Saturday in a radio interview, the Swiss president, Han-Rudolf Merz played
down suggestions of disrupting OECD work with the Swiss veto, but at the same
time he stated his wish to build a coalition of other countries also on the
OECD 'grey list' (countries which have not yet implemented their commitment
to the OECD tax standards) with the objective of stopping the OECD from acting
'behind their backs'.
This 'coalition' was seen in action when Belgium, Luxembourg and Austria joined
Switzerland in the application of the budget payment veto last Monday.
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