THE Swiss
Private Bankers Association (SPBA) has urged the Federal Council to abandon
its white money strategy and to bring in place for an automatic information
exchange regime, in particular with the European Union (EU) to ensure a level-playing
field and to combat tax evasion. The U turn of Austria and Luxembourg to
support for an automatic information exchange at EU level has dramatically
changed the situation for Switzerland.
The
automatic exchange of information with the EU will be a good solution rather
than the Federal Council's white money strategy which is unique to the Confederation
and not recognized at international level making no sense to adopt two different
solutions to ensure tax conformity. Bankers are looking forward to Switzerland
to clarify its position rapidly to remove current uncertainties that will
ultimately prove damaging to businesses and may risk jobs in Switzerland.
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