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Switzerland Agrees Remit For Tax Talks

by Ulrika Lomas, Tax-News.com, Brussels

31 December 2010


After consulting the relevant parliamentary commissions as well as the cantons, the Swiss Federal Council has adopted both of the mandates for tax negotiations with Germany and the United Kingdom.

According to an announcement by the Federal Department of Finance, the goal of the agreements with Germany and the UK is to "achieve regularization of previously undeclared assets" as well as a final withholding tax for future income. In return, Switzerland expects to gain better market access for financial services, in particular.

"The Federal Council's mandates set out the key points for the negotiations with both countries," the statement continues. "Their content is confidential and will not be published. The negotiations with Germany and the UK will be based on joint declarations that were signed in October 2010 following exploratory talks."

The Federal Council has appointed State Secretary Michael Ambühl, Head of the State Secretariat for International Financial Matters, as lead negotiator.

TAGS: tax | financial services | United Kingdom | agreements | withholding tax | Germany | Switzerland | services

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