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May 7, 2009

Reuters: Switz wants to sign 12 TIE treaties by 2010

By Spear's

BERNE, May 6 (Reuters) – Switzerland said on Wednesday it wants to clinch 12 new bilateral tax deals by the end of 2009 to be removed from a “grey list” of states that need to improve tax cooperation and to avoid sanctions from the G20 nations.

BERNE, May 6 (Reuters) – Switzerland said on Wednesday it wants to clinch 12 new bilateral tax deals by the end of 2009 to be removed from a “grey list” of states that need to improve tax cooperation and to avoid sanctions from the G20 nations.

In a list published last month the Organisation for Economic Cooperation and Development named and shamed countries that do not sufficiently help other jurisdictions in the fight against tax evasion. The G20 is threatening those unwilling to cooperate with sanctions.

To be removed from the list, global wealth management leader Switzerland and other major offshore centres must sign at least 12 bilateral tax treaties in which they offer to exchange information in tax evasion matters.

“I have more than once criticised this number. I find the whole thing childish. But what happened is now something of the past. We need to look ahead,” Swiss President and Finance Minister Hans-Rudolf Merz said.

“Our goal is to sign at least 12 treaties by year end.”

To read the full story, visit reuters.com

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