Switzerland Roll Over On Tax Disclosures

[When Skies Are Grey]

Linky

 

PS, I love the fact that they call Switzerland "offshore".....

[Matt Bawden]

So that'll be a swiss roll then :-)

[manshimajin]

Is this Switzerland coming into line with the EU Savings Directive which requires witholding tax to be paid on accounts if client secrecy is maintained? This would presumably bring them into line with places like IOM and Luxembourg who can retain client 'confidentiality' but client must then pay w/h tax.

 

Firstly, some EU Member countries have decided against the automatic exchange of information option. The Isle of Man, Jersey and Guernsey have decided to apply a ‘withholding tax option’ for a given transitional period instead, as have Austria, Belgium and Luxembourg for example.

 

In these countries tax will be deducted at source from income derived from savings belonging to EU residents who are resident in another EU country. The rate of withholding tax will be 15% initially in July 2005 rising gradually to 35% from July 2011.

 

Source