(Reuters) -
Switzerland announced plans on Wednesday to force banks to do more to make sure
foreign clients' money is taxed in an attempt to shake off its past as a haven
for untaxed funds as it seeks to put an end to a damaging U.S. tax probe.
"The
focus is on enhanced due diligence requirements for banks when accepting assets
as well as a requirement for foreign clients to make a declaration on the
fulfillment of their tax obligations," the cabinet said in a statement.
The
announcement comes on top of a raft of measures already announced in recent
years, including a planned withholding tax on foreign assets held in
Switzerland and better co-operation with foreign authorities pursuing alleged
tax dodgers.
A global
crackdown from cash-strapped governments in recent years has chipped away
Switzerland's cherished tradition of banking secrecy, which helped it build up
a $2 trillion offshore wealth management industry.
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