Swiss banking news
22.02.2012 The Finance Minister of Austria announced that talks on a planned bilateral tax agreement with Switzerland are to begin in April 2012. At the end of last year, the European Commission confirmed its plans to challenge similar landmark bilateral tax deals concluded between Switzerland and the United Kingdom, and Switzerland and Germany pertaining to the taxation of savings held by British and German investors in Swiss bank accounts.
Signed on September 21, the Swiss-German bilateral tax deal provides for the future taxation of income earned by German taxpayers through Swiss bank accounts from January 1, 2013 by means of a withholding tax, with the proceeds derived from the levy subsequently being transferred to the German authorities. The Swiss-UK deal has very similar terms. The agreement also provides for the lump sum taxation of 'old money' held by German residents in undeclared Swiss bank accounts.
Both bilateral treaties, with Germany and UK, maintain traditional Swiss banking secrecy, by regularizing accounts without disclosing individual identities.
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23.02.2012 Greece has become the latest signatory to the Convention on Mutual Administration Assistance in Tax Matters – the agreement promoting international co-operation in the assessment and collection of taxes through multinational information exchange. The OECD welcomed Greece signing the convention, and said that membership of the pact would help shore up Greece's economy by allowing Greece to work more closely with other countries, to combat tax avoidance and evasion to bolster government coffers.
According to the comments of OECD secretary Angel Gurria, the Convention will help Greece improve its internal tax collection system and pursue the tax revenues lost to tax avoidance and evasion.
Other signatories to the Convention are Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Iceland, India, Ireland, Norway, Portugal, Russia, South Africa, Spain, Sweden, Turkey, the UK, the US, and many others.
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