Switzerland could put an end to secrecy in 2018 – TF1

Switzerland could put an end to secrecy in 2018 – TF1

The image was widely tarnished in recent years. Banking secrecy Switzerland could permanently disappear in 2018 the Swiss government has adopted Wednesday negotiating mandates with partner countries, such as the EU or the United States, to establish the new international standard for the automatic exchange of information in tax matters. These negotiations “will begin soon,” said a statement from the Federal Chancellery. According to a spokesman for the State Secretariat for International Financial Matters (SIF), the standard could come into force in 2017 and the information collected under this year could be passed in 2018 to fiscs the countries concerned.

Switzerland has also agreed Wednesday with respect to the Global Forum on Transparency and Exchange of Information for Tax Purposes, to take the necessary steps to be ready in 2017 for data collection on accounts belonging to foreign taxpayers. Before we get to that, there are still a number of steps, including the go-ahead from Parliament. In addition, it is still possible that the people are asked to vote on this issue. The principle of direct democracy into force in Switzerland gives the last word to the people, which can be consulted on any issue. With the schedule Wednesday, Switzerland would have a year behind a group of more than 40 States, the first to implement the global standard on the automatic exchange of information.

The data will be used exclusively for tax

The group has announced that he intended to collect Data from 2016 and exchange data from 2017, the Swiss government has again reminded that the information provided will be used exclusively for tax purposes. For several years, Switzerland has come under fire from the international community for the practice deemed abuse of banking secrecy and reluctance takes to respond to requests for assistance on tax records.

Under international pressure, Switzerland has recently delivered lists of holders of undeclared in France and the United States accounts. Large Banks Swiss have also been sentenced to heavy fines in the United States for helping American clients evade taxes. In France, the UBS bank had to file a record bail of more than one billion euros, at the request of Justice has opened an investigation for tax evasion. Swiss banks manage about one third of global wealth. According to critics of the Swiss financial center, much of these funds are not reported. Decided to reform, Swiss banks have adopted a new strategy funds accepted, which must be reported. They are advising their clients to come into compliance with their tax, lest their escrow account.