Federal Council launches consultation on the implementation of the tax agreements with Germany and the UK
Berne, 30.09.2011 - At its meeting today, the Federal Council launched the consultation on the Federal Act on International Withholding Tax (IWTA). The IWTA serves to implement the new tax agreements with Germany and the UK. It contains provisions on the organisation, procedure, judicial channels and criminal law provisions which are required due to the new tax agreements. The consultation will last until 18 November 2011.
On 21 September 2011, Switzerland signed a tax agreement with Germany. Under this agreement, persons resident in Germany can retrospectively tax their existing banking accounts in Switzerland either by making a one-off payment or by disclosing their accounts. Future investment income and capital gains will be subject to a final withholding tax. Thereby legal security will be increased and Switzerland will underscore its 2009 white money strategy. A similar agreement has been initialled with the UK and will be signed shortly.
Although the tax agreements are directly applicable, they nonetheless require legal provisions in Switzerland for implementation and specification. The IWTA contains provisions on the organisation, procedure, judicial channels and criminal law provisions. Interested organisations and associations have the opportunity until 18 November 2011 to submit their comments on these legislative proposals.
Address for enquiries
Roland Meier, Media Spokesperson FDF,
+41 (0)31 322 46 16, roland.meier@efd.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
