Swiss tax haven is over

Russian TV: Switzerland will now assist international tax authorities in disclosing information on bank accounts held by foreigners who avoid taxation at home.

Joint efforts by the EU, the US and number of other countries have led to Switzerland introducing new banking laws on February 1. The new regulation now allows foreign tax services to send group requests for bank account information of their citizens. Banks, nominal account holders, agents or trust managers will now be obliged to provide the information.

These requests can take a number of forms, partner at Paragon Advice Group, Aleksandr Zakharov told Vedomosti daily. A tax authority can request data on a group of people united by common criteria, though it’s still has to be seen how it will work – so-called “fishing” requests are strictly prohibited, Zakharov explained. Also international tax services, apart from the American, will be able to collect data relevant from January 1, 2013, he added.

Information, collected by Russian tax authorities will not only cause troubles for Russians holding funds in Swiss banks, but can also toughen the procedure of checking the source of the money, when placing them in Switzerland, Zakharov believes.

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Categories: Europe, Switzerland

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