Switzerland, Britain reach tax deal

10th July 2009, Comments 0 comments

Swiss Finance Ministry allows for information exchange to act against tax cheats.

GENEVA -- Switzerland on Thursday said it concluded negotiations with a tenth country, Britain, to revise a double-taxation accord that would allow for information exchange to act against tax cheats.

The new deal would consider OECD standards on the exchange of tax information, said the Swiss Finance Ministry in a statement.

Switzerland yielded to international pressure and announced earlier in 2009 it would ease banking secrecy rules and offer more assistance on tax offences.

To this end, it negotiated similar bilateral deals with Poland, Denmark, Luxembourg, Norway, France, Mexico, the United States, Japan and the Netherlands.

Switzerland aims to approve by the end of 2009 about a dozen accords governing such double taxation practices in order to comply with standards recently set by the Organisation for Economic Cooperation and Development.

The goal is to secure its removal from an OECD "greylist” of countries considered tax havens.

AFP / Expatica

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