SAVINGS TAX
June 1st, 2004
BY KEITH NUTHALLSWITZERLAND has struck a deal with the European Union (EU) over the controversial savings tax issue, agreeing to levy a flat tax on EU citizens holding accounts in the country. The decision means the Swiss have joined Austria, Belgium, Luxembourg, Andorra, Liechtenstein, Monaco and San Marino in imposing withholding taxes rather than change their laws on banking secrecy. A meeting of the EU Council of Ministers (finance) has now ruled the agreed EU Savings Tax Directive can be implemented, although negotiations are still required with Switzerland ...
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