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France Rejects Tax Agreement With Switzerland

 
France Rejects Tax Agreement With Switzerland

As its European neighbours agree to Switzerland’s tax agreement, the country of France is holding steadfast to its resolve not to accept the unprecedented proposal. Called Project Rubik, the arrangement allows Swiss banks to avoid releasing the names of their account holders if they agree to impose an income tax on the deposited funds. The monies are then transmitted to the countries in which the depositors reside, serving as a means of recouping the lost revenues from previously unpaid taxes.

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The International Battle Towards Banking Transparency

 
The International Battle Towards Banking Transparency

In recent years, in an effort to crack down on international money laundering and tax evasion, nations like the United States, Germany and the UK began investigating just how widespread the practice was. With the assistance of international organisations like the Financial Action Task Force (FATF) and the Organization for Economic Co-operation and Development (OECD), US and European Governments began putting pressure on not only the Swiss, but also tiny Liechtenstein and small Caribbean island nations.

How Will Swiss-German Tax Treaty Affect Banking?

 
How Will The Swiss German Tax Treaty Affect Banking

With Switzerland and Germany largely in agreement on the terms of their tax treaty, European banking experts begin envisioning what the new German-Swiss banking relationship will look like. Western nations have been exploring ways to stem domestic budget deficits by reclaiming lost tax revenue from foreign banks, specifically Swiss banks.

Swiss ‘Rich Tax’ Battle

 
Swiss ‘Rich Tax’ Battle

In Switzerland a lump-sum tax currently available to rich foreigners is coming under heavy fire from citizens deeming the tax to be unfair.

UK / Switzerland – New Amnesty Deal This Month?

 
uk switzerland tax amnesty deal

A groundbreaking amnesty deal between the UK and Switzerland is likely to be announced shortly with David Hartnett, HMRC Permanent Secretary for Tax, telling a group of tax investigation professionals to expect the deal in May or June.

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