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.
News On AIR | November 15, 2009 5:28 PM
Swiss Banks plan extensive taxation on foreign savers