Bank secrecy will end
He assured the German finance minister
Germany on the purchase of data stolen from Swiss banks and the fors ‘Luxembourg also not united: they are against the Federal Minister of Justice ruling and two regional bulls – “Fight or evasion, and theft”
Bank data stolen in Switzerland and offered for a fee, to Germany continue to weigh on bilateral relations. The story seems to spread like wildfire: it would have been to Bavaria also proposed a computer disk containing sensitive data of alleged German tax evaders. From Berlin Finance Minister Wolfgang Sch�uble is launched while a prediction: banking secrecy will disappear from the face of Europe, including Switzerland.
In Germany bank secrecy has been lifted and “I tell you right now: the same will Also in the European Union. ” Switzerland can not escape this trend, Sch�uble said in an interview with the NZZ am Sonntag. The German minister has stated that it does not want to put pressure on Bern. Note however, that within the federal banking secrecy is not absolute as in the past. Switzerland has adopted, the revised double taxation agreements, which allow the OECD standard, documented in individual cases, the exchange of tax information. A low pitch, but still a first step.
interview Sch�uble has expressed reservations about the tax deduction at source under discussion in Switzerland, which provides for the levy to the State of residence of the client without the latter having to disclose the ‘amount of assets held in Switzerland. “It is an important element towards a good solution, but not solve all problems.”
The same Federal Councillor Hans-Rudolf Merz , last Wednesday, had also excluded the possibility of reaching the automatic exchange of information between tax authorities . externalized very angry that the president of economiesuisse Gerold B�hrer , that during a broadcast of the Swiss Radio DRS has called it “unfortunate and unnecessary,” said former Congressman. The former chairman of the FDP then in defending banking secrecy, calling it “a legitimate tool to provide citizens with the protection of their privacy.” on whether to acquire bank details are stolen in Switzerland illegally while differences between the light Berlin and regional governments. Even the Bavie ra were offered information of potential German tax evaders with accounts in accordance with the German magazine D er Spiegel , two banks, a Swiss and Luxembourg. Local authorities are assessing the situation, but the governor Horst Seehofer (CSU) has quickly put his hands forward, so the purchase, but only if the operation is conducted in a lawful manner. More profiled the position of Minister of Justice Baden-W�rttemberg Ulrich Goll (FDP), also a recipient of a similar offer: Swiss German television said he strongly opposed the purchase of stolen information illegally. A position that was reiterated by the Federal Justice Minister Sabine Leutheusser- Schnarrenger : State, told the Frankfurter Allgemeine SonntagsZeitung, has to fight tax evasion, but at the same time must also punish the theft.
From : Corriere del Ticino February 8, 2010
Identification of issues
The theme of this article is: banking secrecy.
Banking secrecy is a professional secret, similar to that of doctors and lawyers. Restrict to those working in the bank to provide information to third persons, who would reveal the secret would be punished by a penalty, see art. 47 of the Federal Law on Banks and savings banks, says that “anyone who is part of the banking sector can not tell anyone what concerns the bank’s customer. Who should do is punished with imprisonment of up to 6 months and a fine of up to 50,000 francs. ”
There is also a law that protects their confidentiality ( Art. 13 of the Federal Constitution ) , but also art. 27/28 of the Swiss Civil Code ) , says (art. 13) “Everyone has the right not to be harmed inside their own private sphere”, “no one has the right to disclose confidential information” (Art. 27); (Art. 28) “Whoever reveals confidential information, the injured party may seek judicial intervention.”
Swiss banking secrecy is the best known, but is also present in other European countries and beyond (Luxembourg, Austria, Liechtenstein, …) If banking secrecy is not controlled fosters crime. Recently, Liechtenstein, Switzerland, but also are experiencing strong accusations from foreign countries, because these two countries have given up in part to laws protecting banking secrecy.
Often described as a ” tax haven ” a nation that adopts banking secrecy, but this is not necessarily true. The tax haven is a country with a privileged tax regime can ensure that taxes are levied at all, or even be null and void. This choice serves to attract capital from other countries, and in return provide a tax reduction.
Banking secrecy is defined by the Federal Department of Finance Helvetian ” protect the privacy of bank customers by the State . “
Deepening
Swiss banks have a responsibility towards the common good of the country, in fact long ago, we committed ourselves in the changes from one side considers the basic objectives of the international community with regard to fiscal policy, while on the other hand, the requirements associated the protection of privacy.
The Federal Council proposes to extend relations with foreign administrative support for all tax offenses, and this proposal was accepted dall’ASB.
On 13 March 2009, Hans – Rudolf Merz (Federal Councillor) has announced the revision of Swiss Bank Secrecy Act, adapting to the OECD rules.
The OECD is the Organization for Economic Cooperation and Development, its aim is the integration and economic and financial cooperation among the major states of the West. In its press release of the Swiss bankers since March 13, 2009 is said that with the standard provided by the OECD Model Convention on double taxation (double taxation aim to remove all barriers in terms of the “traffic” International Economic) assistance will continue to be so clear and rigorous. So banking secrecy remains for foreign clients and is not included an exchange of information.
The OECD model (mentioned above) is an international standard relating to double taxation. With this, the Swiss Bankers Association hopes that the critical finish.
Swiss banking secrecy protects the privacy of bank customers. Banking secrecy is not unlimited, however, because in this case that some clients are suspected of criminal activities such as terrorism, organized crime, tax fraud and money laundering to the competent authorities may access customer bank information. An example is that America has asked Switzerland to provide information on 52,000 American people that, according the U.S. government, have evaded taxes. Switzerland (UBS) has not accepted and had to pay a fine of 780’000’000 dollars. They found, however, an agreement that Switzerland will grant only 8’000-10’000 names appetites of America (eg billionaires who hide assets in Switzerland, more consistent). After the agreement, many Americans have voluntarily repatriated capital.
Comment staff
Verena Cerabona :
- Let me clarify that those who evade taxes, then the state is stealing money is wrong and there goes half the country and then I would be favorable, because it is too convenient not to declare the money. But after extensive studies of the Swiss banking secrecy can say that the Swiss can not do without banking secrecy. It has always been a neutral country and this gave him the opportunity to be the guarantor of money across the world. Do not forget that Switzerland is not even a member of ‘the European Union. So I do not understand why we should do so much controversy. The problem is not Switzerland, but the problem is the dishonesty of the citizens.
Brenna Jade:
- Conducting this study I could better understand what banking secrecy, even though we had already covered this subject in the second straight.
- I personally find that banking secrecy is right, and because it is right to protect the privacy of bank clients. It is practically the same thing as a doctor or a lawyer’s professional secrecy, and even they are not required to disclose information unless explicitly told by the customer.
- But those who evade the tax is fair that the competent authorities are not right because you know that taxes are not paid by everyone.
Sources:
– www.wikipedia.com
– www.admin.ch
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