For decades, Switzerland was a haven for those who were avoiding taxes all over the world. Now, it is a country that is embracing transparency.
According to a report in Reuters, the country is voluntarily sharing client information with taxing authrities. The report claims they are doing this with dozens of countries.
It is obvious the international pressure levied against the Nordic country worked.
Switerzerland is no longer a tax haven.
To read full article, click on image.
Well that's new! I think it would be better that way since there were lots of well known personalities or businessmen in the past who tend to hide all their assets through Swiss banks. Thus, making them pay their taxes less.
Re-steemed. Well that sucks for some. Hopefully Protonmail won't go the same route!
-exp
I don't know if "voluntarily" really applies in this case.
The automatic exchange of tax information AEOI is an international standard that governs how tax authorities in the participating countries exchange data relating to the bank and safekeeping accounts of taxpayers. The goal is to make tax evasion impossible. The member countries of the G20, the OECD and other important financial centres, which total over 100 jurisdictions, have committed to implementing AEOI.
Counties that do not comply will end up on sanction lists of the OECD. This limits the nature of voluntary...
But I agree, it's a good thing after all...
Will this make privacy cryptos like Monero the Swiss bank account of the future?
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perhaps, because large scale syndicates have huge deposits there so they're getting richer anonymously.
I think the idea would be great. It's high time that rich people pay their taxes right. From what I heard there were lots of foreign people who save their money in Swiss banks to keep their finances untraceable or anonymously.
Well considering the amount of money plundered from the African continent and filtered through Switzerland, I'd say it's about time.