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Swiss financial centre continues its strategy of tax-compliant assets

  • Following approval by the lower house of the German parliament, the bilateral tax agreement with Switzerland has definitively failed to win majority support in the upper house of the German parliament, and in the Mediation Committee. Therefore the agreement will not come into effect which is mainly due to domestic policy reasons in Germany. The SBA regrets this decision. It means a major opportunity has been lost for putting in place a solution that represents for all parties a fair, optimum and sustainable solution to definitively settle bilateral tax issues.
  • Irrespective of the fact than no tax agreement has been reached with Germany, the Swiss financial centre will resolutely continue with its repositioning and will in future only acquire and manage tax-compliant assets.
  • One element of this strategy remains the final withholding tax, which regulates the past and shapes the future in accordance with tax requirements. As an additional element, the SBA has submitted to Switzerland's Federal Council as part of its clean money strategy conduct-based guidelines outlining how untaxed assets can be credibly and sustainably kept out of Switzerland in the future.
  • The banks in Switzerland continue to back the strategy of bilateral tax agreements, which are, according to the EU Commission, compatible with EU law. To successfully implement the strategy, it is decisive to conclude bilateral tax agreements with big neighboring countries first, before proceeding to talks with other European countries.