Switzerland to Adopt OECD Standards in Tax Cases, Merz Says

Discussion in 'Wall St. News' started by ASusilovic, Mar 13, 2009.

  1. March 13 (Bloomberg) -- Switzerland will adopt the Organization for Economic Cooperation & Development’s rules for combating tax evasion, allowing the government to provide tax information in specific cases, the finance minister said.

    “If Switzerland were to wind up on a black list it wouldn’t only hurt the banking sector, but also” the whole economy, Hans- Rudolf Merz said at a press conference in Bern today. Merz added that he can’t say whether Switzerland is still in danger of being put on the OECD’s list of uncooperative tax havens.

    Luxembourg also said it will cooperate with foreign tax authorities seeking banking information in specific cases, and will seek bilateral tax agreements with other nations. The government agreed to “exchange information on request in specific cases and on the basis of concrete proof” for investigations by tax authorities, Budget Minister Luc Frieden said in Luxembourg.

    The moves by Switzerland and Luxembourg come a day after Liechtenstein and Andorra said they would comply with OECD standards for transparency and information exchange.


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