Switzerland and Singapore reject automatic information exchange
Switzerland and Singapore reject automatic information exchange 5-Jun-2009
Swiss President Hans-Rudolf Merz and Singapore Finance Minister Tharman Shanmugaratnam said, on 6 May 2009, that they support the cross-border exchange of tax information but would not consider automatic exchange of information. Shanmugaratnam was on a working visit to Switzerland in respect of the global financial crisis.
Switzerland and Singapore are both on the OECD's "grey" list of countries that have committed to, but not yet fully implemented, the OECD standards on exchange of tax information. Both countries agreed that in the exchange of international information in tax matters, transparency, fairness and a level playing field must be sought. But the automatic exchange of information would not be up for discussion.
Swiss bank accounts are still a halfway decent option for privacy.
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