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Old 08.04.2013, 16:30
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And now Germans too will have Swiss banking fun!

http://www.swissinfo.ch/eng/business...l?cid=35420746

Tom
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Old 10.04.2013, 12:12
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Re: And now Germans too will have Swiss banking fun!

Why does the Swiss financial sector/politicians still think that they might be able to save the Bankgeheimniss?

Switzerland's financial independence is history.
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Old 10.04.2013, 18:25
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Re: And now Germans too will have Swiss banking fun!

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Why does the Swiss financial sector/politicians still think that they might be able to save the Bankgeheimniss?

Switzerland's financial independence is history.
Don't confuse financial independence with blatant tax evasion! Nobody needs the kind for anonymity being offered by Swiss banks, unless they are up to no good.
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Old 11.04.2013, 10:29
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Re: And now Germans too will have Swiss banking fun!

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Don't confuse financial independence with blatant tax evasion! Nobody needs the kind for anonymity being offered by Swiss banks, unless they are up to no good.
No confusion...........other nations will decide.
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Old 11.04.2013, 10:48
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Re: And now Germans too will have Swiss banking fun!

There is a huge difference between this and the US situation:

- The US produces a ridiculous amount of bureaucracy for banks, so they do not want to deal with ANY American anymore. It is a sweeping legislation basically punishing all Americans for the wrongdoings of a few.

- The German government is hunting people who did not pay their tax (it is an election year and this is becoming increasingly the topic they battle around...), which is indeed a crime in Germany. All the banks are asking for is proof that they are not actively supporting a crime. There is no word that they share any data with any authority, they just want to be legally on the safe side. Sending a copy of the page with your financial assets of your last tax declaration to your banker does not sound like a huge effort to me...

Honestly: I am surprised if bankers would go so far, but I absolutely would love if they reject customers that try to steal money from the public.
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Old 11.04.2013, 11:01
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Re: And now Germans too will have Swiss banking fun!

Something that I've never exactly figured out is why the German tax authorities don't know who and where their missing gaziilions are? If you're employed or a registered company you have to file taxes and income is taxed at source, so where exactly is this money coming from? Is it pure inheritance or non-declared "black money" that avoids the tax loop?

If you remember the case in Liechtenstein a few years back in 2008 with the LGT bank when Deutsche Post boss Klaus Zumwinkel was accused of avoiding over 1M in German taxes, how is this possible? You can't have a state company paying someone a gross amount of their wage and bonus without taxing at source can you? I understand that it is fairly standard for certain trade branches to pay each other cash, but for CEOs of national corporations? Please explain how this works.
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Old 11.04.2013, 11:32
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Re: And now Germans too will have Swiss banking fun!

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If you're employed or a registered company you have to file taxes and income is taxed at source, so where exactly is this money coming from? Is it pure inheritance or non-declared "black money" that avoids the tax loop?
When it comes to the distribution of wealth is Germany the second "most unfair" country in Europe: 0,1% of the population own a quarter(!) of all wealth. The lower 50% of the population own 1.4% of the wealth - which is less than the ten richest Germans combined. (So much to all those Anglo-Saxon "Germany is basically socialism" discussions...).

No "normal" person has an account with a private bank in Switzerland - nobody evades tax of the regular salary one gets. There are loopholes for self employed who might channel funds abroad - but those are the small fish. The big ones are people who did not make their money, but simply belong to one of the families that own a lot.
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Old 11.04.2013, 11:43
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Re: And now Germans too will have Swiss banking fun!

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No "normal" person has an account with a private bank in Switzerland - nobody evades tax of the regular salary one gets. There are loopholes for self employed who might channel funds abroad - but those are the small fish. The big ones are people who did not make their money, but simply belong to one of the families that own a lot.
But how do the employed bosses avoid the tax system? Because it's those dudes that were involved in LGT and similar middle class business owners trying to drive over the border with cash.
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Old 11.04.2013, 12:07
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Re: And now Germans too will have Swiss banking fun!

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But how do the employed bosses avoid the tax system? Because it's those dudes that were involved in LGT and similar middle class business owners trying to drive over the border with cash.
Middle class business owners is easy: double book-keeping. You simply do business that does not appear in your "official" books.

CEOs: No idea... but the German tax laws are ridiculously complicated to the point that tax advisor is actually a highly paid profession. Zumwinkel had one who was later accused to be responsible for a three digit Million Eur number of taxes dodged - given that the tax rate on capital gains is not as high as the income tax does this mean he must have shipped some billion EUR around for his clients.
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Old 11.04.2013, 12:09
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Re: And now Germans too will have Swiss banking fun!

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But how do the employed bosses avoid the tax system? Because it's those dudes that were involved in LGT and similar middle class business owners trying to drive over the border with cash.
Because the money doesn't come from wages. Those are easy to track - companies make their own declarations to the applicable tax agency. However, there are plenty of transactions people can make that are taxeable but not traceable. As just one example, if I transfer money to Singapore and make a 10:1 return on trades over there, I'm still liable for wealth taxes here (and possibly income taxes, I don't know the particulars of Swiss law on that one). However, all the Swiss government can possibly know without my self-declaration is that my money was transferred out of the Swiss bank account - they have no way of knowing what I did with it once it left the borders.

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Don't confuse financial independence with blatant tax evasion! Nobody needs the kind for anonymity being offered by Swiss banks, unless they are up to no good.
Nobody needs privacy unless they're up to no good?
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Old 11.04.2013, 12:17
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Re: And now Germans too will have Swiss banking fun!

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But how do the employed bosses avoid the tax system? Because it's those dudes that were involved in LGT and similar middle class business owners trying to drive over the border with cash.
Middle class business owners is easy: double book-keeping. You simply do business that does not appear in your "official" books.

CEOs: No idea... but the German tax laws are ridiculously complicated to the point that tax advisor is actually a highly paid profession.
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Old 11.04.2013, 12:21
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Re: And now Germans too will have Swiss banking fun!

CEOs: kickbacks from customers, salary-splits with tax haven companies, management companies in low tax jurisdictions, etc

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Middle class business owners is easy: double book-keeping. You simply do business that does not appear in your "official" books.

CEOs: No idea... but the German tax laws are ridiculously complicated to the point that tax advisor is actually a highly paid profession.
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