Statement from the SBA regarding the decision taken by Luxemburg to introduce the automatic exchange of information for interest payments by 2015

  • The Swiss banks have long been committed to a strategy of taxed assets, with the aim of managing only tax compliant assets in future.
  • Since March 2009, the banks have also supported adherence to the global standards set by the OECD in matters relating to administrative assistance in tax issues.
  • The banks in Switzerland will continue to adhere to these global standards in the case of possible developments.
  • The Committee of the Board of Directors of the Bankers Association reviews all options for action on an ongoing basis. The analysis has demonstrated that the automatic exchange of information with the EU is not an option for the banks in Switzerland because Switzerland is a third country and only equivalent measures can therefore be requested of Switzerland. Apart from this, there is currently no mandate for negotiations on the part of the EU.
  • In the context of this equivalence, the banks in Switzerland are prepared to discuss a broadening of the agreement on the taxation of savings income with the EU.