November 15, 2009 5:28 PM

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Swiss Banks plan extensive taxation on foreign savers

Switzerland's secretive banks are considering landmark plans to require that their foreign clients conform to personal taxation requirements abroad. Patrick Odier, head of the Swiss bankers' association , told a newspaper that the industry is studying such a step alongside more extensive taxation on foreign savers in Switzerland. However, Odier said such a step could only apply to countries that enter into a bilateral agreement with the Swiss.<br/>Swiss banks have been at the heart of a renewed international pressure in recent years over tax evasion, including bruising multi-billion dollar litigation against the country's biggest bank UBS in the United States. <br/>In recent years Switzerland has levied a withholding tax on interest earned by EU residents with Swiss savings accounts, under an agreement to pay part of the revenues back to the European Union.

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