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Swiss bank accounts
After several years of negotiation, the European Union and Switzerland have signed an agreement on the taxation of savings income.
This is based on four key elements:
* a retention levied by Swiss paying agents on interest payments to EU residents, which will be shared with EU Member States;
* a mechanism for voluntary disclosure; and
Swiss bank accounts
After several years of negotiation, the European Union and Switzerland have signed an agreement on the taxation of savings income.
This is based on four key elements:
* a retention levied by Swiss paying agents on interest payments to EU residents, which will be shared with EU Member States;
* a mechanism for voluntary disclosure; and
* a review clause that allows the agreement to be reviewed to take account of international developments.
A further agreement will prevent the double taxation of EU civil servants who have retired in Switzerland.
(EU Commission press release IP/04/1315 dated 27 October 2004.)
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