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November 16, 2009

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Swiss body looks at tax pledge

SWISS banks are considering asking some foreign clients to sign a pledge declaring they aren't breaking tax laws at home, a Swiss newspaper reported yesterday.

The chairman of the Swiss Bankers Association, Patrick Odier, told the NZZ am Sonntag weekly that the industry group is studying various ways of forestalling demands for an automatic exchange of client data with other countries.

Odier said one option would be to make customers from nations that have a tax agreement with Switzerland sign a written declaration that they are conforming to their country's tax laws.

Over the past year, Switzerland has come under pressure from the United States and other countries to stamp out tax evasion by foreigners hiding funds in Swiss vaults.


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