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| Swiss Bankers Association in principle satisfied with taxation of savings income agreement. Bank client confidentially remains fully guaranteed |
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Basel, 4 June 2003 - The Swiss Bankers Association (SBA) is in principle satisfied with
the agreement Switzerland has reached with the European Union with regards to the taxation
of savings income. A paying agent’s tax is recognised to be a measure equivalent to
an exchange of information and bank client confidentiality in Switzerland therefore
remains fully guaranteed, thereby fulfilling the main requirement of Swiss banks.
The SBA can only give a final assessment after it has carried out a thorough examina-tion
of the treaty between Switzerland and the European Union. The SBA is, however, satisfied
that bank client confidentiality remains fully guaranteed, thus fulfilling the main
requirement of Swiss banks. The SBA would like to thank Federal Councillor Kas-par
Villiger and the Swiss delegation for conducting the negotiations. Negotiations between
Switzerland and the E.U. continue in other areas which affect the Swiss finan-cial centre
and, before signing the present treaty, Switzerland is intent on reaching agreements in
these other areas as well. The SBA maintains that in particular both bank client
confidentiality as well as the principle of dual criminality must be safe-guarded with
respect to both the Schengen and Dublin agreements and any agree-ment on fighting tax
fraud. Furthermore, the SBA expects E.U. member states to re-spect the principles of the
taxation of savings income treaty in other international organisations and not to continue
attempts to undermine bank client confidentiality in Switzerland.
| Contacts |
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| Thomas Sutter |
James Nason |
| Head of Communications Switzerland |
Head of International Communications |
Swiss Bankers Association,
Basel |
Swiss Bankers Association,
Basel |
| Tel. +41 61 295 92 06 |
Tel. +41 61 295 92 15 |
| Fax +41 61 272 53 82 |
Fax +41 61 272 53 82 |
 www.swissbanking.org |
www.swissbanking.org |
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Junior
Bank
