"A deal to end a tax evasion row between Switzerland and Britain has been hailed as a victory for Swiss banks but a blow for the global crusade against banking secrecy.
On Wednesday, the two countries initialled a plan to impose withholding taxes on British assets held by Swiss banks without an automatic exchange of information. Germany has agreed in principle to a similar deal.
The British agreement could raise up to £5 billion (SFr6.5 billion) in withholding tax by 2013. This includes a one-off levy of between 19 and 34 per cent and 48 per cent on future income.
"Overall, my assessment of the tax agreements is positive,” said Patrick Odier, chairman of the Swiss Bankers Association (SBA) in a statement. “They mark important milestones for the Swiss financial centre. As a banker, I am especially grateful that clients have been offered a fair solution for regularising their assets”................READ MORE
"Overall, my assessment of the tax agreements is positive,” said Patrick Odier, chairman of the Swiss Bankers Association (SBA) in a statement. “They mark important milestones for the Swiss financial centre. As a banker, I am especially grateful that clients have been offered a fair solution for regularising their assets”................READ MORE
No comments:
Post a Comment