Category Taxation in Switzerland

Switzerland Says No to Tax Information Exchange

April 15, 2013 Taxation in Switzerland

Bern, SwitzerlandBERN – Switzerland will not change its tack on tax information exchange agreements, and international pressure is unlikely to force the government to alter its view on the issue.

The government of Switzerlnad does not see any immediate need to change the country’s current position regarding disclosing to overseas tax authorities the details of foreign individuals with accounts in Swiss banks, and the country will not enter into tax information exchange agreements with the EU in the near future, according to opinion of the President of Switzerland Ueli Murer as provided in an interview on April 14th.

The President explained Switzerland’s position on information exchanges, saying that banking confidentiality should be viewed as seriously as medical confidentiality, and “…the state must abso...

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Mailing Blunder Leads to Tax Busts

March 15, 2013 Taxation in SwitzerlandTaxation in USA

Mail Blunder Leads to Tax BustsWASHINGTON D.C. – A simple mailing error made by a financial adviser has led to the discovery of nearly USD 184 million worth of assets hidden in Swiss bank accounts.

Early last week at a press conference following the sentencing of the convicted tax evader Jacques Wajsfelner, the Assistant US Attorney Dan Levy revealed that a filing mistake made by the Swiss financial adviser Beda Singenberger has directly led to the prosecution of several US based tax evaders, and this oversight could further lead to the investigation and prosecution of several more US taxpayers who hid their wealth from the Internal Revenue Service.

According to the Dan Levy, Beda Singenberger was sending a package of documents to an individual in the USA, but accidentally also included a full list of all of his US cli...

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Switzerland To Share More Tax Data

July 19, 2012 International Tax CooperationTaxation in Switzerland

Information sharing SwitzerlandBERN – Switzerland will soon loosen its own rules for sharing taxpayer information and will begin to accept requests for data on cases of tax evasion committed by several individuals.

On July 18th the Switzerland’s Federal Department of Finance announced that it intends to implement legislation in line with new OECD information sharing guidelines, which will allow Switzerland’s tax authorities to share greater amounts of information on overseas residents who hold bank accounts in Switzerland, and will better facilitate the sharing of data regrading suspected cases of tax evasion involving more than one individual.

The new rules will allow all OECD member countries to ask for information from the Swiss authorities on individuals with bank account held in Switzerland without having to ide...

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US Reaches Info Sharing Agreement with Switzerland, Japan

June 22, 2012 International Tax CooperationTaxation in JapanTaxation in SwitzerlandTaxation in USA

Department of Treasury Seals agreement with Japan and SwitzerlandWASHINGTON D.C. – The US has made agreements with Switzerland and Japan over the implementation of new reporting rules, which will see local banks provide the US with much greater amounts of data on US taxpayers.

On June 21st the US Department of the Treasury released two statements announcing that the Department has reached tentative agreements with corresponding authorities in Switzerland and Japan over the potential implementation of the US Foreign Account Tax Compliance Act (FATCA), which could strengthen efforts to combat international tax evasion by providing the IRS with more information regarding US taxpayers who hold accounts in Japan and Switzerland.

The agreements with Japan and Switzerland are expected to be finalized by August 2011, after which they will still need to be sign...

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Switzerland Collects 500 Million of Withholding Tax

May 28, 2012 Taxation in EUTaxation in Switzerland

Swiss BankBERN – Last year EU citizens with Swiss bank accounts paid more than half a billion franc in withholding taxes, and approximately CHF 379.5 billion of the collections were passed on to tax authorities in other EU countries.

On May 25th the Federal Tax Authority of Switzerland revealed that over the course of 2011 collections of withholding taxes on interest payments to Swiss bank accounts belonging to EU citizens rose by 17 percent compared to last the previous year, reaching approximately CHF 506 million.

The withholding tax is levied under the conditions of bilateral agreement between Switzerland and the EU, which allows bank account holders who receive interest payments to choose between paying a withholding tax in Switzerland or having details of their assets released to tax authoritie...

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