SBA President Advocates Withholding Tax As Alternative To Disclosure
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, January 07, 2010
In a bid to retain an element of the country’s traditional banking
secrecy, President of the Swiss Bankers Association, Patrick Odier, has adopted
a firm stance, declaring
that the introduction of a withholding tax will serve as a good – and the only
– alternative to a general automatic exchange of tax information.
Although the SBA remains vehemently opposed to the idea of an automatic exchange
of tax information, its new President has revealed that the Association is
advocating the idea of levying a withholding tax instead, in order to defend
the interests of customers and to benefit the economy.
Under the proposal, rather than automatically divulge client data to foreign
tax authorities, Swiss banks would automatically levy a withholding tax, and
then return the sum to the account holder’s country of residence.
Nevertheless, the positive view of the withholding tax is not shared
by all. Indeed, some Swiss banks still fear that to do so would mark the first
step towards the end of the country’s system of banking secrecy. Experts
also argue that the tax would prove too complicated to implement in practice.
Patrick Odier provoked criticism from his peers late last year when he suggested
that foreign account holders should be required to sign a form confirming that
they have already declared their money to their own tax authorities.
Lowtax Network Portal: 'Low-tax' business and investment in the top
50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day. Investors
Offshore: The independent offshore and alternative investment guide
for expatriates and the globally aware investor. Law & Tax News: Daily
news and background data on tax and legal developments for international business. Offshore-e-com: A topical
guide to offshore e-commerce focused on tax and regulation. Lowtax Library: One of
the web's largest and most authoritative business and investment information
sources. US Tax Network: The resource
for free online US taxation information, covering: corporate tax, individual
tax, international tax, expatriates, sales and e-commerce tax, investment
tax. Personal Business Tax
Guide: Providing essential tax news and information on business for
contractors, entrepreneurs, professionals, small businesses, artists, sportspersons
and entertainers. Offshore
Trusts Guide: OTG publishes news, features and newsletters on the
use of offshore trust structures. TreatyPro:
The online tax treaty resource.
Lowtax Library
One of the web's largest and most authoritative business and investment
information sources. Alongside topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated intelligence
reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer
pricing. Reports are available for immediate downloading or as subscription
services with news pages.
Advertising
& Marketing
With over 50,000 qualified readers every month our web-sites offer
a number of cost effective, targeted advertising, sponsorship and marketing
opportunities:
- Display advertising - from 'skyscrapers' to 'buttons'
- Content/article submission and sponsorship
- Opt-in email marketing
- On-line Services Directory listings
Click
here to learn more or contact Charles Bell on +44 (0)1424 205 425
or at charles@bsi-media.com
and he will put you in touch with your regional rep.
News & Content
Solutions
Could your corporate web-site or newsletter benefit from incorporating
regularly updated news and content tailored to serve your clients' interests?
We can provide a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here
to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com
and he will put you in touch with your regional rep.
Lowtax Network Portal
Front Page
Tax Jurisdictions
Featured Content
Comments
Read our Posting GuidelinesBe the first to comment on this story...
Write a comment