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No. 41
October 2011
THE FINAL WITHHOLDING TAX OR HOW TO RECONCILE TAX CONFORMITY WITH THE PROTECTION OF FINANCIAL PRIVACY
Michel Dérobert, Secretary General of the Swiss Private Bankers Association
Switzerland recently signed two agreements - with Germany and the UK - with a view to introducing a (final) withholding tax which will be collected, in principle from 2013, on assets belonging to residents in these countries, deposited in Swiss banks. It represents a significant step in the implementation of a policy, wanted by the Federal Council and the financial centre, which consists of establishing a framework whereby the clients of Swiss banks can honour their tax obligations without compromising their personal privacy.