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Switzerland and EU start negotiations on taxation of savings income

The talks are targeted at getting a clearer picture of the situation as well as at laying down the technical details for the negotiations.

Both parties were asked to negotiate an agreement on this matter. On 18 December 2013 the Swiss Federal Council adopted the mandate for these negotiations. On 14 May 2013 the Economic and Financial Affairs Council (ECOFIN) gave its assent to the negotiations.

The EU thus wants to ensure that, after the revision of its own directive on taxation on savings, the directives in Switzerland will be adjusted accordingly. The amendments pursue to prevent people from evading taxes on savings interest through using fictional companies or certain financial instruments. International developments on this subject will have to be taken into account in the negotiations.

The negotiating parties will meet regularly in the first half of 2014 to discuss the matter more closely. The Swiss State Secretary and his European counterpart further spoke of the future levying of corporate income tax. A solution is sought which respects international standards, is acceptable for Europe, strengthens the Swiss economy yet remains affordable for the cantons as well as the Confederation.

Read the official press release here.