Swiss Bank Tax Havens Title Crumbling
- By Himfr Echo
- Published 01/26/2012
- Business
- Unrated
Himfr Echo
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There are large sums of money in a Swiss bank recently estimated that the countries rich and difficult night, to sleep, because Switzerland - the world's 1 / 3 of private wealth undisclosed location, and its "tax haven" hat crumbling.
October 25-November 4, within 10 days, respectively, Switzerland and the United Kingdom, Germany, Greece signed a revised Double Taxation Agreement, the Swiss government will foreign residents bank account in the implementation of the local tax withheld, and then transferred to the government.
In the previous two years, Switzerland has with the United States, more than 10 countries, including France, signed a similar agreement. The trouble did not end yet, there are more countries waiting to Switzerland on the tax table.
Swiss banking was once the biggest selling point of the "confidentiality of customer information system", has become the target of public criticism. In early 2008, a staff member of Liechtenstein LGT bank accounts to steal confidential information, sold to intelligence agencies, the rich tax evasion in Germany so light. Since then, the "tax inspection Storm" from Germany is now spreading around the globe. October 21, 2008, Organization for Economic Cooperation and Development, 30 countries agreed in Switzerland will be included in the 17 blacklist of tax havens. Among them, the United States, Germany, Italy and France, has been the most ardent critics, but also to break the shield of the Swiss active promoter of tax avoidance.
With Swiss banking secrecy to attract a large number of offshore deposits. Estimated according to the Swiss authorities concerned, the Swiss financial industry's global private wealth management business accounted for the total assets of 1 / 3, about 2 trillion Swiss francs. Fiscal year for the Swiss financial industry about 40 billion Swiss francs in revenue, far higher than the pharmaceutical and machinery manufacturing.
Not only banking secrecy, the Swiss rate is also lower than neighboring countries. France, Germany, Italy and other countries the implementation of high welfare, high taxation system, so many rich people save the money to Switzerland to escape the country's high taxes.
Real money in the tax
loss, tax authorities in these countries to sit still, especially now the economic downturn is in the negative situation.
Tax agreement reached, the United Kingdom rich in Swiss banks hiding about 1000 billion to 125 billion pounds for the UK billions of pounds to bring new tax revenue. British Government believes that, through the Swiss and other "tax havens" something, by 2015 to increase the income of 10 billion pounds, which the British cut the deficit to GDP to 11% will be an important support.
For the United States, Germany and other countries, the situation is the same. U.S. authorities estimate that as at the end of 2009, the Swiss bank's U.S. wealth management division manages 690 billion Swiss francs in total funding. Germany hidden in secret accounts in Switzerland, is about 2,000 million euros. Some media reported that the Swiss withholding tax for countries to reach 35% maximum, but Swiss officials estimate the tax will be set with the countries tax capital gains and stock profits of the same level, such as Germany is 25%.
Despite the concessions, but still retained the Swiss banking cards last one - secrecy. It is reported that Switzerland and the countries of this mostly signed "compromise agreement", there are two terms: the Swiss deposits for overseas investors in the future of withholding tax on all income collected, the specific tax rates vary by country; on investment secret accounts held by new taxes or fines. However, investors in the Swiss capital account will remain anonymous.
This way, how long they can never know. This year in March, the United States approved a new "law-abiding tax law offshore accounts", the bill would force banks outside the United States automatically share their U.S. customers a large number of banking transactions. In the United States ambassador to Switzerland Donald Beyer view, "This is the Swiss authorities most fear, they fear the bill will lead to high compliance costs."
Government of Switzerland on November 16 said it has handed over 4,000 to the U.S. account information suspected tax evaders, the United States so withdrawn in March 2009 civil lawsuit brought against Swiss banks.
"There is nothing in the world forever, including the Bank Secrecy Act." Swiss media sent a such a feeling, they believe that while the States will spearhead the Swiss tax system, but in fact the Swiss bank secrecy laws is the key .
October 25-November 4, within 10 days, respectively, Switzerland and the United Kingdom, Germany, Greece signed a revised Double Taxation Agreement, the Swiss government will foreign residents bank account in the implementation of the local tax withheld, and then transferred to the government.
In the previous two years, Switzerland has with the United States, more than 10 countries, including France, signed a similar agreement. The trouble did not end yet, there are more countries waiting to Switzerland on the tax table.
Swiss banking was once the biggest selling point of the "confidentiality of customer information system", has become the target of public criticism. In early 2008, a staff member of Liechtenstein LGT bank accounts to steal confidential information, sold to intelligence agencies, the rich tax evasion in Germany so light. Since then, the "tax inspection Storm" from Germany is now spreading around the globe. October 21, 2008, Organization for Economic Cooperation and Development, 30 countries agreed in Switzerland will be included in the 17 blacklist of tax havens. Among them, the United States, Germany, Italy and France, has been the most ardent critics, but also to break the shield of the Swiss active promoter of tax avoidance.
With Swiss banking secrecy to attract a large number of offshore deposits. Estimated according to the Swiss authorities concerned, the Swiss financial industry's global private wealth management business accounted for the total assets of 1 / 3, about 2 trillion Swiss francs. Fiscal year for the Swiss financial industry about 40 billion Swiss francs in revenue, far higher than the pharmaceutical and machinery manufacturing.
Not only banking secrecy, the Swiss rate is also lower than neighboring countries. France, Germany, Italy and other countries the implementation of high welfare, high taxation system, so many rich people save the money to Switzerland to escape the country's high taxes.
Real money in the tax
Tax agreement reached, the United Kingdom rich in Swiss banks hiding about 1000 billion to 125 billion pounds for the UK billions of pounds to bring new tax revenue. British Government believes that, through the Swiss and other "tax havens" something, by 2015 to increase the income of 10 billion pounds, which the British cut the deficit to GDP to 11% will be an important support.
For the United States, Germany and other countries, the situation is the same. U.S. authorities estimate that as at the end of 2009, the Swiss bank's U.S. wealth management division manages 690 billion Swiss francs in total funding. Germany hidden in secret accounts in Switzerland, is about 2,000 million euros. Some media reported that the Swiss withholding tax for countries to reach 35% maximum, but Swiss officials estimate the tax will be set with the countries tax capital gains and stock profits of the same level, such as Germany is 25%.
Despite the concessions, but still retained the Swiss banking cards last one - secrecy. It is reported that Switzerland and the countries of this mostly signed "compromise agreement", there are two terms: the Swiss deposits for overseas investors in the future of withholding tax on all income collected, the specific tax rates vary by country; on investment secret accounts held by new taxes or fines. However, investors in the Swiss capital account will remain anonymous.
This way, how long they can never know. This year in March, the United States approved a new "law-abiding tax law offshore accounts", the bill would force banks outside the United States automatically share their U.S. customers a large number of banking transactions. In the United States ambassador to Switzerland Donald Beyer view, "This is the Swiss authorities most fear, they fear the bill will lead to high compliance costs."
Government of Switzerland on November 16 said it has handed over 4,000 to the U.S. account information suspected tax evaders, the United States so withdrawn in March 2009 civil lawsuit brought against Swiss banks.
"There is nothing in the world forever, including the Bank Secrecy Act." Swiss media sent a such a feeling, they believe that while the States will spearhead the Swiss tax system, but in fact the Swiss bank secrecy laws is the key .
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