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FINMA Strengthens Monitoring Tools 5/27/2012 During a recent sitting, the Swiss Federal Council adopted a report pertaining
to the development of monitoring and organizational instruments applied by the
Swiss Financial Market Supervisory Authority.
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Luxembourg Defends Savings Tax Opposition 5/21/2012 During the recent European Union Economic and Financial Affairs Council meeting in Brussels, Luxembourg’s Finance Minister Luc Frieden defended
his decision to block the European Commission’s plans to negotiate new and
stronger savings tax agreements with third countries, insisting that given recent developments, the automatic exchange
of tax information is not necessarily the only solution to combating tax evasion.
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Swiss Tax Deals Pass First Parliamentary Hurdle 5/21/2012 Passing the first important hurdle, the Swiss Committee for Economic Affairs and
Taxation in the Council of States, or upper house of parliament, recently voted in favour of the withholding
tax agreements with Germany, the UK, and Austria.
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Austria, Luxembourg Block EU Savings Tax Proposals 5/18/2012 Much to the deep annoyance and extreme frustration of European Union Tax Commissioner
Algirdas Semeta, Austria and Luxembourg have blocked the European Commission’s
plans to negotiate new and stronger savings tax agreements with Switzerland, Monaco,
Liechtenstein, Andorra and San Marino, aimed at strengthening cooperation in tax
matters.
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Swiss Asset Managers Slam 'Incoherent' Financial Centre Strategy 5/17/2012 During its general assembly in Zurich, the Swiss Association of Asset
Managers criticized the government’s ‘white money strategy’,
a new financial market policy geared towards the management of taxed assets, calling instead
for a coherent strategy for the Swiss financial centre.
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China, Switzerland Make Progress In FTA Talks 5/16/2012 The latest round of negotiations on the proposed free trade agreement between
China and Switzerland, which was held in Beijing on May 8-10, is said to
have reached some consensus and made significant progress.
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Italy, Switzerland Agree To Tax Talks 5/11/2012 Following the recent positive developments with regard to the tax treaties between
Switzerland and various European Union member states, a meeting held on May 9
between Swiss and Italian officials has agreed to the establishment of a working
group to resolve the outstanding tax problems between their two countries.
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IMF Identifies Risks In Swiss Banking Sector 5/11/2012 The International Monetary Fund has said in its latest Article IV consultation with Switzerland that, while the fiscal position is healthy, there remain a number of risks to the country's financial services sector, amid the possibility of a real estate bubble.
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Liechtenstein Eyes Tax On Swiss Cross-Border Workers 5/7/2012 During a recent sitting, the Liechtenstein government adopted a report pertaining
to a second package of expenditure- and revenue-based measures, designed to consolidate
the state finances in line with the country’s 2012-2015 financial plan.
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Left Demands Improvements To Swiss-German Tax Deal 5/7/2012 Despite cracks appearing in cross-party relations, Germany’s red-green federal
states, governed by both the Social Democrats and by the Green Party, are said to remain united in their firm opposition to the Swiss-German
tax deal, and in their demands for improvements to be made to the text.
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Swiss Left Seeks To Delay Debate On Tax Deals 5/4/2012 Switzerland’s Social Democrats have threatened to block in parliament
the landmark withholding tax agreements concluded recently with Germany, the
UK and Austria, if the treaties are not in accordance with the party line.
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India Obtains TIE Relaxations From Switzerland 5/2/2012 According to a statement from the India’s Ministry of Finance, the Indian
and Swiss governments have signed a protocol to their
bilateral double taxation agreement, which will allow for a 'liberal
interpretation' of the identity requirements before the exchange of information.
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Di Pietro Calls For Tax Treaty With Switzerland 5/1/2012 Antonio di Pietro, the former anti-corruption magistrate and present
leader of the Italia dei Valori opposition party, has written in his blog that
the Italian government should now be looking to garner the EUR40bn (USD53bn) in
tax revenue that could be available by concluding a tax treaty with Switzerland.
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German Cabinet Adopts Swiss Tax Deal 4/30/2012 The German cabinet has recently adopted the bill implementing the bilateral
tax agreement with Switzerland.
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Switzerland To Conclude TIEAs 4/27/2012 The Swiss Federal Council has recently taken the decision to agree to the international
standard on administrative assistance not only in double taxation agreements,
but also in so-called tax information exchange agreements.
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Swiss Parliament Adopts Tax Deal With Austria 4/25/2012 Switzerland’s Federal Council has recently adopted the text of the
withholding tax agreement with Austria.
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Switzerland Begins To Implement FATF Revisions 4/24/2012 Switzerland’s Federal Council has recently commenced work on implementing
the latest Financial Action Task Force recommendations, according to
the Swiss Federal Department of Finance.
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London Invokes Clause To Improve Swiss Tax Deal 4/24/2012 In a diplomatic note, the UK has called for changes to be made to the bilateral
withholding tax agreement concluded with Switzerland last October, aimed at
resolving the issue of the undeclared wealth of British residents held in Swiss
banks.
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Swiss Lawmakers To Examine German, UK Tax Deals 4/23/2012 The Swiss Federal Council has recently submitted to parliament the bilateral
withholding tax agreements with Germany and the UK, together with the Federal
Act on International Withholding Tax, designed to implement the new agreements.
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Liechtenstein, Austria Eye Withholding Tax Deal 4/18/2012 Austria reportedly plans to re-launch talks with Liechtenstein at the end of
April, aimed at negotiating a bilateral tax deal between the two countries to
resolve the issue of untaxed assets held by Austrian residents in the Principality’s
banks.
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Swiss Bankers Welcome Tax Deal With Austria 4/18/2012 The Swiss Bankers Association has recently taken note of the signing
of the bilateral tax agreement between Switzerland and Austria, and has welcomed
the fact that the Confederation’s strategy for tax conformity, defined
over two years ago, has now been substantiated with a third European country
following the agreements signed with the UK and with Germany.
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Liechtenstein, Switzerland Initiate DTA Discussions 4/16/2012 Switzerland and Liechtenstein have recently announced plans to negotiate a
bilateral double taxation agreement between the two countries.
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Switzerland Stands Firm On Revised German Tax Deal 4/17/2012 Staunchly defending the importance of the bilateral tax agreement with Germany,
as a means to resolve the longstanding issue of undeclared assets held by German
residents in the Confederation’s banks, Swiss Finance Minister Eveline Widmer-Schlumpf
has ruled out any further compromises.
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Austria, Switzerland Unite 'In Principle' On Tax Deal 4/16/2012 Austria’s Finance Minister Maria Fekter has announced that an agreement
in principle has now been reached on the tax treaty between Austria and Switzerland.
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Full Steam Ahead For Swiss-Austrian Tax Deal 4/13/2012 Austria’s Finance Minister Maria Fekter is due to meet her Swiss counterpart
Eveline Widmer-Schlumpf in Bern on April 13, to sign a bilateral tax agreement
between the two countries aimed at resolving the outstanding issue of undeclared
Austrian money held in the Confederation’s banks, according to the Swiss
Finance Ministry.
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CIOT Expects UK-Swiss Tax Deal Re-Write 4/11/2012 Changes to the Swiss-German tax treaty could lead to higher charges for UK holders of undeclared Swiss bank accounts, the Chartered Institute of Taxation has warned.
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WTO Members Pressure Argentina On Trade Policy 4/9/2012 At the Council for Trade in Goods meeting on March 30, 2012, fourteen World Trade Organisation members jointly
expressed their deepening concern about Argentina’s import-licensing measures, which were said to have significantly restricted trade flows.
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Switzerland, Germany Renegotiate Landmark Tax Arrangement 4/9/2012 The Swiss government has confirmed the signing of a Supplementary Protocol
with Germany that amends the previous agreement of September 21, 2011, which
allocates to Germany the payment of withholding taxes on German deposits held
in Swiss banks.
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EFTA, Indonesia Hold FTA Negotiations 4/6/2012 The fourth round of negotiations towards a 'Comprehensive Economic Partnership
Agreement' between the European Free Trade Association states and Indonesia concluded
on March 29, 2012.
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World Economic Forum Issues Global ICT Report 4/6/2012 The World Economic Forum, in collaboration with INSEAD, has issued the Global
Information Technology Report for 2012, which is said to be the most comprehensive
assessment of the preparedness of global economies to leverage the networked economy.
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Schäuble Tries To Quieten Swiss Tax Imbroglio 4/5/2012 German Finance Minister Wolfgang Schäuble has underlined the need
for the bilateral Swiss-German withholding tax agreement to enter into force as
planned from January 1, 2013, despite Switzerland’s inflammatory decision this week to issue arrest warrants for three German tax investigators for industrial espionage.
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Guernsey, Switzerland Discuss Financial Synergies 4/3/2012 Guernsey recently hosted a Swiss government delegation during a two-day visit to the island, which reinforced
the importance of links between Guernsey and Switzerland, particularly in financial
services.
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Austrian Lower House Backs Savings Package 3/30/2012 The Austrian national council has recently adopted the government’s savings
package, providing for savings between 2012 and 2016 of around EUR17.3bn (USD22.7bn) and for
additional tax revenues of approximately EUR9.2bn, achieved predominantly by closing
existing tax loopholes.
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Canada's Amended DTAs Enter Into Force 3/30/2012 Canada's updated tax treaties with Italy and Switzerland have entered into force, agreements the Finance Minister said will strengthen the country's tax system.
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Switzerland Sticking With Exchange Rate Fix 3/30/2012 Switzerland’s Economy Minister Johann Schneider-Ammann has insisted recently
that the minimum exchange rate set by the Swiss National Bank of CHF1.20
per euro must be maintained.
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Switzerland Snubs Tax Deal With Austria 3/28/2012 The Swiss government has no firm plans to conclude a bilateral tax agreement with Austria to resolve the longstanding issue of undeclared bank accounts held by Austrian nationals in the Confederation’s banks despite claims to the contrary by the Austrian government.
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IMF Warns Of Swiss Financial Sector Risks 3/28/2012 While the Swiss economy is seen as 'fundamentally strong', the International Monetary Fund has urged Swiss
authorities to focus efforts towards strengthening safeguards for the financial
services industry, and preventing a possible real estate bubble.
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Switzerland Exempts E-Cigarettes From Tax 3/23/2012 The Swiss federal council has recently decided to exempt electronic cigarettes
from tax from April 1, 2012, and has adapted the ordinance pertaining to the
taxation of tobacco accordingly.
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Switzerland, UK Supplement Withholding Tax Agreement 3/23/2012 Switzerland and the United Kingdom have
recently signed in Brussels a Protocol of Amendment that supplements the withholding
tax agreement of October 6, 2011.
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Switzerland, EU Discuss Tax 3/22/2012 Swiss President Eveline Widmer-Schlumpf and Federal Councillor Burkhalter have
recently met with top European Union representatives within the scope of a working
visit in Brussels, with the discussions focussing on current developments in
bilateral relations and in particular on strengthening cooperation in the area
of taxation.
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Zurich Initiative Eyes End Of Church Tax 'Relic' 3/20/2012 Young Liberals in the Swiss canton of Zurich have recently submitted a
cantonal initiative to the cantonal administration, aimed at reducing the tax
burden on businesses by abolishing the controversial church tax.
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Germany Seeks To Iron Out Swiss Tax Deal Issues 3/19/2012 Following recent ‘constructive’ talks with his colleagues from Social
Democrat- and Green Party-led federal states, German Finance Minister Wolfgang
Schäuble has agreed to hammer out with Switzerland certain changes to the
bilateral Swiss-German tax deal, signed in September.
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Swiss 'Flat Taxes' Under Attack 3/14/2012 During recent federal and cantonal votes, the Swiss canton of Appenzell Ausserrhoden in the north of Switzerland voted in favour of abolishing the flat rate
of tax currently benefiting wealthy foreigners.
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International Trademark Filings Set New Record 3/14/2012 2011 saw the highest number of international trademark applications ever filed
under the World Intellectual Property Organization’s Madrid
System for the International Registration of Marks with 42,270
applications, or a 6.5% increase compared to 2010.
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Switzerland Updates Penal Code In Tax Laws 3/12/2012 The Swiss Federal Council has recently adopted recommendations pertaining to the
modification of the federal law on direct federal tax and the law on
harmonizing direct cantonal and communal tax, to bring the provisions
on tax crime and penal action in line with the general provisions contained
in the Confederation’s penal code.
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Swiss Lawmakers Back Bonus Tax 3/12/2012 Marking an about-turn, the Swiss National Council has narrowly voted in favour
of plans to impose a tax on large bonuses in Switzerland in excess of CHF3m (EUR2.5m)
(USD3.3m).
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Germany 'Modifies' EU-Contested Swiss Tax Deal 3/9/2012 Germany and the European Commission have reportedly resolved their differences
over the bilateral German-Swiss withholding tax deal aimed at preventing tax evasion.
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Swiss Lawmakers Give Go-Ahead To Amended US DTA 3/9/2012 Marking a significant step forward in the longstanding tax dispute between the
two countries, the Swiss National Council, or lower house, has recently given
the green light to an amendment to the bilateral double taxation agreement with the US, permitting grouped requests.
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Swiss Lawmakers Raise Foreigners' Flat Tax 3/9/2012 The Swiss Council of States has recently voted by a large majority in favour of
plans to increase the flat rate of tax currently benefiting wealthy foreigners
in Switzerland.
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International Patent Filings Set New Record In 2011 3/7/2012 Despite difficult global economic conditions, international patent filings under
the World Intellectual Property Organization-administered Patent Cooperation
Treaty set a new record in 2011 with 181,900 applications – up 10.7% on 2010 and the fastest growth since 2005.
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Swiss Lawmakers Pass Extended Tax Assistance Law 3/6/2012 The Swiss National Council has recently adopted the government’s new law
on administrative assistance in tax matters, by 113 votes to 58. The National Council also voted in favour in principle of the planned revisions to the Swiss-US double tax agreement.
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Switzerland Clarifies Supervision Of SNB 2/29/2012 The Swiss Federal Council has recently taken note of a report on
supervision of the Swiss National Bank.
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Switzerland Confirms Financial Centre Strategy 2/27/2012 The Swiss Federal Council has recently held talks on a 'credible' financial centre strategy designed to deflect international criticism over issues such as tax and banking secrecy.
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Switzerland Mulls 'White Money Strategy' 2/23/2012 Switzerland’s Finance Minister Eveline Widmer-Schlumpf has recently put
forward the idea of compelling Swiss banks to obtain in future a declaration from
their foreign clients confirming that their assets held in the Confederation are correctly
taxed.
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Austria Launches Talks On Swiss Tax Deal 2/22/2012 Austria’s Finance Minister Maria Fekter has recently announced that talks
on a planned bilateral tax agreement with Switzerland are due to begin in April.
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Switzerland Rules Out Changes To Family Tax Breaks 2/22/2012 Switzerland’s Federal Council has announced that it does not intend to
introduce tax incentives to promote the traditional family model of parents
staying at home to look after their children.
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Liechtenstein Ratifies EFTA FTAs With HK, Montenegro 2/20/2012 The Liechtenstein government has ratified the European Free Trade Association free trade agreement with Hong Kong together with a related agreement
on labour standards, and has submitted the agreements to parliament.
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Canada, India Conclude Latest FTA Talks 2/17/2012 Canada and India hope to complete negotiations on a comprehensive economic partnership agreement in 2013, ministers say, as the latest round of trade talks concludes.
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Swiss 'Too Big To Fail' Provisions In Force March 1 2/17/2012 Switzerland’s Federal Council has recently decided to bring the amendment
to the Banking Act designed to resolve the ‘too big to fail’ issue
into force on March 1, 2012.
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Switzerland Steps Up Plans To Abolish Stamp Duty 2/13/2012 The Committee for Economic Affairs and Taxation of the Swiss National
Council has recently announced that it has adopted a bill providing for a revision
of the federal law on stamp duty.
|
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Switzerland, EU Set For Tax Clash 2/9/2012 Switzerland’s Federal Council has recently announced the next steps for the continuation of bilateral negotiations with the European Union, including in the contentious area of taxation.
|
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Swiss-German Tax Deal Under Threat 2/8/2012 Social Democrat controlled states throughout Germany reportedly plan
to block the bilateral tax agreement between Switzerland and Germany in the
German Bundesrat, or upper house of parliament, during a crucial vote on February 10.
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Switzerland Records Weak Foreign Trade In 2011 2/7/2012 The strong Swiss franc and the gloomy outlook for the global economy have affected
Swiss foreign trade, according to the latest figures released by the Swiss Federal
Department of Finance.
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Liechtenstein, Hong Kong Cement Economic Ties 2/3/2012 Secretary of Commerce and Economic Development of the Special Administrative
Region of Hong Kong, Gregory So Kam-leung, has recently held talks with
Liechtenstein’s Foreign Affairs Minister Aurelia Frick, during a working
visit to Vaduz, with the talks focussing on the excellent economic relations
between the Principality and the Region.
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Switzerland Yields To US Tax Demands 2/6/2012 Following mounting pressure from the US attorney’s office, Switzerland has
finally handed over to US investigators comprehensive, encrypted, banking data
pertaining to eleven Swiss banks, alleged to have aided wealthy Americans to evade
US taxes amounting to billions of euros.
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Switzerland Appoints Head Of Tax Harmonization Committee 2/1/2012 The Swiss Federal Council has recently appointed Eva Herzog to the position
of president of the commission responsible for the harmonization of direct taxes
levied by the Confederation, the Swiss cantons and communes, for the
administrative period 2012-2015.
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Ireland, Switzerland Sign DTA Protocol 2/1/2012 Switzerland and Ireland have inked a revised double tax agreement which alters dividend withholding tax rates.
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Canada A Top Investment Destination, Say Ministers 1/31/2012 Canada's ministers have been promoting the country's competitiveness and pro-trade plan at the World Economic Forum.
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Schäuble Demands Reform Action To Secure Greek Bailout Deal 1/31/2012 Ahead of a key European Union summit meeting in Brussels focussing on stricter
budgetary discipline, German Finance Minister Wolfgang Schäuble urged
Greece to implement vital reform measures to redress the state finances, warning
that failure to do so might result in the second euro zone bailout package being
withheld, and ultimately in bankruptcy.
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Swiss Financial Market Regulation Praised 2/1/2012 According to the Swiss Federal Department of Finance, the Financial Stability
Board has taken a positive view of the 'too big to fail' legislation
in its peer review report on Switzerland.
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Swiss Financial Centre 'Faces Uncertain Times' 1/26/2012 According to a recent study conducted by the Swiss independent economic research
institute BAK Basel, the Swiss financial sector will decline in importance at
international level over the course of the coming years, resulting in thousands
of job losses in the sector.
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Bankers Outline Priorities For Swiss Financial Centre 1/18/2012 Vice-President of the Swiss Private Bankers Association Christoph Gloor
has recently urged the Confederation’s federal administration and financial
market supervisory authority FINMA to refocus their attentions on strengthening
the competitiveness of the Swiss financial centre and on improving market access.
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EU Tax Burdens Stabilize 1/17/2012 Following three years of decline, European Union nations' tax-to-GDP ratios remained broadly level in 2010, the latest year for which detailed tax revenue statistics are available for all member states, as governments begin to consolidate their fiscal positions. In the euro area the downward trend in tax revenues continued, but decelerated in 2010, with a slight drop to 40.2% of GDP.
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Switzerland Mulls Temporary VAT Exemption For Hotels 1/13/2012 In view of the strength of the Swiss franc, the Committee for Economic Affairs
and Taxation of the Swiss National Council has called for the hotel industry
in the Confederation to benefit from value-added tax exemption for a temporary
period of one year.
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Swiss, Taiwan Private DTA In Force 1/10/2012 The Swiss Federal Department of Finance has announced that the private double
taxation agreement effective for Chinese Taipei (Taiwan) has been published
in the Confederation’s federal gazette.
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Swiss, Uruguay DTA In Force 1/6/2012 Following the diplomatic exchange of notes, the double taxation agreement between Switzerland and Uruguay has entered into force and will apply from January 1, 2012, the Swiss federal government has announced.
|
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Swiss, Uruguay DTA Enters Into Force 1/2/2012 The Swiss Federal Department of Finance has announced that following
the diplomatic exchange of notes on December 28, 2011, the double taxation agreement between Switzerland and Uruguay entered into force.
|
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Swiss, Greek DTA Amendments In Force 1/2/2012 The Swiss Federal Department of Finance has announced that the Protocol
of Amendment of November 4, 2010, to the double taxation agreement between
Switzerland and Greece has recently entered into force.
|
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Switzerland, Japan DTA Revisions Soon In Force 12/30/2011 The Swiss Federal Department of Finance has recently announced that the
revised bilateral double taxation agreement between Switzerland and Japan,
signed on May 21, 2010, will enter into force on December 30, 2011.
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Canada Notes Significant Progress On Free Trade In 2011 12/28/2011 The Canadian government has noted the conclusion of a productive third round of
negotiations with India towards a free trade agreement, in talks in Delhi and
at the Eighth Ministerial Conference of the World Trade Organisation, rounding off a hugely sucessful year for Canada in its quest to achieve freer trade links with its trading partners.
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Swiss, German Revised DTA In Force 12/27/2011 Switzerland’s Federal Department of Finance has announced that
the revised double taxation agreement between Switzerland and Germany
has now entered into force following a recent exchange of the instruments of
ratification.
|
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Switzerland, Canada DTA Amendments In Force 12/23/2011 Switzerland’s Federal Department of Finance has announced that
the Protocol of Amendment of October 22, 2010, to the double taxation agreement
between Switzerland and Canada has now entered into force.
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US 'Near To Deal' With Swiss Banks 12/22/2011 Eleven Swiss banks are reportedly being offered a
deal by the United States government, under which they would not be prosecuted
if they were to disclose full details of their offshore business with US taxpayers.
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Swiss Economy Hit By Eurozone Crisis 12/20/2011 The federal government’s expert group on economic forecasts has recently
announced sluggish growth prospects for the Swiss economy, in view of an increasingly
bleak economic outlook in the European Union and given the strong Swiss
franc.
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Swiss Lawmakers Oppose Family Allowance Tax Exemption 12/16/2011 Switzerland’s State Council, or upper house, has recently rejected for the
second time cantonal initiatives proposing that family and educational allowances
should be exempt from cantonal income tax.
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Switzerland Recognizes Taiwan DTA 12/16/2011 Switzerland’s Federal Council has recently recognised the double taxation
agreement of October 8, 2007 with Chinese Taipei (Taiwan).
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Swiss State Council Backs US Tax Deal Amendment 12/16/2011 After having dragged its heels, Switzerland’s State Council finally voted
in favour recently of plans to provide mutual assistance to the US authorities
in cases of alleged tax evasion involving group requests, based on patterns
of behaviour in the absence of specific account details.
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Swiss Think-Tank Laments Tax Reform Inertia 12/14/2011 In its annual 2011 report on reform efforts in Germany, Austria and Switzerland,
Avenir Suisse highlights its disappointment as regards the drive for fiscal and
financial reform in Switzerland.
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Tokyo Tops Cost League For Expat Workers 12/15/2011 Tokyo remains the most expensive city in the world for international assignees as the rising value of the
yen continues to put upward pressure on the cost of living in the country, according
to a new report.
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Switzerland Rejects Controversial Bonus Tax 12/9/2011 Despite backing from both the Council of States and the Federal Council, Switzerland’s lower house of parliament, the
National Council, has rejected the proposal seeking to introduce a bonus tax in
the Confederation.
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Switzerland To Abolish Issuance Stamp Duty 12/7/2011 Following careful examination of its fiscal priorities, Switzerland’s
Federal Council has decided to abolish the stamp duty on the issuance of corporate capital and improve the tax system for married couples.
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Switzerland Reports Slight Tax Burden Rise In 2010 12/2/2011 Switzerland’s federal administration recently announced a slight increase
in the Swiss tax burden in 2010 against the previous year.
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Switzerland Adopts Four DTAs 11/29/2011 Switzerland’s Federal Council has adopted texts for four further
double taxation agreements, which will now be submitted to parliament
for approval.
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EU Challenges Switzerland's Landmark Tax Deals 11/29/2011 The European Commission plans to challenge landmark bilateral
tax deals concluded between Switzerland and the UK and Switzerland and Germany pertaining to
the taxation of savings held by British and German investors in Swiss bank accounts.
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Switzerland Reports VAT Revenue Fall 11/25/2011 The Swiss federal administration has announced that receipts
from value-added tax amounted to CHF20.1bn (USD21.9bn) (EUR16.4bn) in
2009, representing a decline of 1.5% compared to the previous year.
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Switzerland Agrees SNB Profit Distribution 11/25/2011 The Swiss Federal Department of Finance and the Swiss National Bank have recently concluded a new agreement on the distribution of the bank’s
profit, covering the financial years 2011 to 2015.
|
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UK Launches New Offshore Tax Unit 11/24/2011 A new specialist unit targeting those with undeclared offshore income has been launched by the UK tax authority, HM Revenue and Customs.
|
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Switzerland, France Smooth Over Tax Differences 11/24/2011 Swiss Federal Councillor and head of the Federal Department of Finance Eveline Widmer-Schlumpf recently held talks with French Finance Minister François
Baroin, with the discussions focussing on the global economic situation, on
the current crisis in the eurozone, and on bilateral and multilateral tax matters.
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Swiss Bankers Wary Of Withholding Tax Changes 11/23/2011 While acknowledging the need for changes, the Swiss Private Bankers Association has warned that a hasty reform of withholding tax in the Confederation
could have serious long-term consequences for the Swiss financial centre.
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Switzerland To Amend US Mutual Assistance Order 11/22/2011 Switzerland’s Federal Council has recently approved an amendment to the
ordinance on the bilateral double taxation agreement between Switzerland
and the United States dating back to 1996, to ensure that the procedural rights
of affected persons domiciled in the United States remain guaranteed even if
administrative assistance requests are submitted based on certain patterns of
behaviour.
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