Switzerland to defy EU tax transparency

Switzerland should reject EU plans for mandatory information exchange on bank accounts, the country’s President has said.

His statements comes amid new momentum in the EU to establish a system of automatic exchange of information among its member states and with other countries. In particular, it is anxious to agree a bilateral deal with Switzerland, one of the world’s largest tax havens.

Speaking over the weekend to the La Matin Dimanche journal, the Swiss head of state, Ueli Maurer, said that the EU’s stance was “a dangerous moment for the country.”

He added that the country’s status outside the EU meant that it would not be bound by the savings directive.

“There is no reason to change our strategy now,” he said.

Combating tax dodgers was one of the main topics discussed by finance ministers in Dublin at the weekend

EU taxation commissioner Algirdas Semeta said tax evasion is costing the European economy €1 trillion per year, roughly twice the amount of the combined bailout packages for Greece, Ireland, Portugal, Spain and Cyprus.