Swiss government proposes withholding tax

The Swiss government responded on the 16 December 2009 to rising pressure on bank secrecy by proposing a withholding tax on assets held by clients living abroad.

The levy, if adopted, would go beyond an existing tax on non-resident savings agreed with the European Union that is widely viewed as inadequate because of loopholes.

Website: Swiss Bankers' Association http://www.swissbanking.org/en/home.htm

SBA: Press Release, 16.12.09: Swiss Bankers Association welcomes Swiss government's financial market strategy paper http://www.swissbanking.org/en/home/medienmitteilungen-20091216.htm

Switzerland: Federal Department of Finance: Press Release, 16.12.09: Federal Council sets the course for future financial market policy http://www.efd.admin.ch/00468/index.html?lang=en&msg-id=30720

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