Swiss banker on tax into transparency

CNC
Added On May 9, 2014

The Swiss banking industry association said on Wednesday that transparency in tax information was a global trend.
 
Earlier this week, the new automatic exchange of information standard in tax matters was accepted by Switzerland.
 
Sindy Schmiegel Werner, Swiss Bankers Association spokesperson, says that the trend towards more transparency in tax matters is a global one.
 
And it concerns both Switzerland and other financial centers across the world.
 
Werner says that it is not a surprise for Swiss banks that the country  will join the OECD declaration on the automatic tax information exchange.
 
But she particularly stresses that the automatic exchange of information does not change the bank client secrecy provisions.
 
During the OECD's annual Ministerial Council Meeting, over 40 states signed the Declaration on Automatic Exchange of Information in Tax Matters in Paris on Tuesday.
 
The declaration urged countries to implement a new single global standard on automatic exchange of information, which was developed by OECD.
 
It would oblige countries and jurisdictions to obtain all financial information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.
 
The seal of approval from Switzerland signaled its commitment to global crackdown on tax evasion and fraud, as well as its concession in nearly-a-century-long tradition of bank secrecy.