Feb 06 2012

EU tax chief: Swiss “Rubik” deals with Germany, UK must go

Posted by: Nick Shaxson in: Thoughts

Bloomberg is backing up what I wrote recently about the UK-Swiss and German-Swiss tax deals: that they aren’t going to be able to survive, at least in their current form.

“Switzerland must eliminate banking secrecy and renegotiate tax accords with the U.K. and Germany that clash with regional initiatives, according to European Union Tax Commissioner Algirdas Semeta.
. . .
Any agreements that violate EU law cannot see daylight,” said Semeta.”

As I mentioned recently, they are trying to reconstruct this dog’s breakfast of an arrangement to get around the EU law, but if they were to cut out all the offending parts then they would be left with some kind of feeble hash-flavoured fudge, which wouldn’t please anybody, even the Swiss bankers’ clients.

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