Switzerland's Tax Administrative Assistance Act - Infographic

fourthdan, 2 years ago, Tagged

What is Switzerland's Tax Administrative Assistance Act All About? Swiss banking has always maintained secrecy of its clients, since the Middle Ages. The Swiss Parliment passed the Banking Law of 1934 to enforce secrecy of account holders and their assets to block Nazi authorities' attempts to investigate the assets of Jews. In 1939 when hitler [...]

Switzerland's Tax Administrative Assistance act

Switzerland's Tax Administrative Assistance act

What is Switzerland's Tax Administrative Assistance Act All About?

Swiss banking has always maintained secrecy of its clients, since the Middle Ages.
The Swiss Parliment passed the Banking Law of 1934 to enforce secrecy of account holders and their assets to block Nazi authorities' attempts to investigate the assets of Jews.

In 1939 when hitler started invading european countries, he was afraid to invade switzerland as the entire population was armed and prepared to fight a relentless guerrilla war.

Switzerland proved itself to be a place to keep money safely and anonymously.

This also caused a lot of people who wanted to hide "Black money" (on which tax was not being paid) to also open swiss bank accounts.

It was recently estimated that 4 trillion Swiss Francs were in swiss banks. 30% of it is most likely illegal E.U. money.

It is unknown exactly how much of the other countries money is black.

To help other governments trying to catch people escaping taxation, the swiss government plans to handover account information upon specific requests.

The Swiss government is adopting standards set by a committee of O.E.C.D. (The Organisation for Economic Co-operation and Development) The new laws that will enforce the swiss banks to follow the standards is called the Tax Administrative assistance act

 

Sources:

http://www.oecd.org/ctp/taxtreaties/article26oftheoecdmodeltaxconventiononincomeandcapital.htm
http://www.efd.admin.ch/dokumentation/medieninformationen/00467/index.html?lang=en&msg-id=40091
http://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/halbrook.html

 

 

Comments

  1. I’m not sure where you're getting your information, but great topic. I needs to spend some time learning more or understanding more. Thanks for wonderful info I was looking for this information for my mission.

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