CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Switzerland May Implement Sanctions Against OECD

Switzerland May Implement Sanctions Against OECD

by Ulrika Lomas, Tax-News.com, Brussels

16 April 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.


To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »