Switzerland and EU start negotiations on taxation of savings income
Bern, 17.01.2014 - Switzerland and the EU have officially started negotiations on revising the taxation of savings agreement. Today in Bern, State Secretary Jacques de Watteville met his counterpart Heinz Zourek, Director General of the European Commission's Taxation and Customs Union Directorate-General. The aim of the meeting was to take stock of the situation and establish the technical details for the negotiations.
The meeting followed on from the Federal Council's adoption on 18 December 2013 of the negotiation mandate to revise the taxation of savings agreement with the European Union (EU). On 14 May 2013, the European Commission, for its part, was instructed by the Economic and Financial Affairs Council (ECOFIN) to negotiate an amendment of this agreement with Switzerland.
In this way, the EU wants to make sure that the agreement is amended in line with the planned revision of its own Savings Taxation Directive. The aim of the revision is to close the gaps and prevent people from evading the taxation of their interest income by interposing bogus companies or resorting to certain financial instruments. International developments in this area should also be taken into account in the negotiations. The negotiating parties have agreed to hold regular meetings in the first half of 2014.The State Secretary and his EU counterpart also discussed business taxation. A solution will be sought which is in line with international standards, strengthens Switzerland as a business location and is financially viable for the Confederation and the cantons.
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