Switzerland ends banking secrecy in tax evasion pact
AFPPARIS--Switzerland broke the seal on its banking secrecy, until now considered virtually ironclad, by signing an international agreement on fighting tax evasion on Tuesday, the OECD said.
October 16, 2013, 12:11 am TWN
This marks “the end of banking secrecy” in Switzerland, the head of tax issues at the Organisation for Economic Cooperation and Development, Pascal Saint-Amans, told AFP.
The inclusion of Switzerland in the agreement to exchange information among more than 60 countries will be “highly significant” in the fight against tax evasion, he said.
OECD Secretary-General Angel Gurria said Switzerland's adherence to the the Multilateral Convention on Mutual Administrative Assistance in Tax Matters “sends a clear and strong signal that Switzerland is part of the community of states which consider international tax co-operation as a necessity.”