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Old 13.03.2009, 17:00
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Switzerland caves in on tax evasion

Switzerland caves in to pressure and signs up to tax-evasion fight

Graeme Wearden
guardian.co.uk, Friday 13 March 2009 14.26 GMT

Switzerland has caved into the growing pressure on tax havens by pledging to co-operate with international standards on tax evasion.
In a landmark decision, the Swiss government said this morning it will adopt Organisation for Economic Co-operation and Development standards, which state that countries should work together on cases of suspected tax evasion.
Switzerland had resisted the rules on international tax and data sharing, but the threat of being blacklisted by the OECD has prompted it to relax its stance.
"Banking secrecy does not protect tax crimes. International co-operation on taxes has become more important given the globalisation of financial markets and in particular against the background of the financial crisis," Swiss president and finance minister Hans-Rudolf Merz told a news conference today.
Merz added, though, that Swiss banks would not now automatically surrender details of their clients, and suggested an amnesty for existing customers might be needed. Switzerland has traditionally not seen tax evasion by foreigners as a crime.

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Old 13.03.2009, 17:21
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Re: Switzerland caves in on tax evasion

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Switzerland caves in to pressure and signs up to tax-evasion fight
Not quite the same as the admin.ch headline

Switzerland to adopt OECD standard on administrative assistance in fiscal matters
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