WITHHOLDING TAX
February 1st, 2003
BY KEITH NUTHALLTHE EUROPEAN Union (EU) is moving towards a deal with Switzerland over the payment of a withholding tax to avoid releasing information about EU citizens owning Swiss bank savings accounts. It wants to protect these clients from tax demands from their home countries. Switzerland's Finance Minister Kaspar Villiger reacted positively to a compromise struck at the EU Council of Ministers meeting, where Belgium, Luxembourg and Austria were allowed to impose their own withholding taxes. Under the deal, money held in confidential bank accounts would be ...
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