European leaders must renounce attacks on Swiss bank secrecy and withholding taxes taken from foreigners in order to avoid criminalization of rich taxpayers.
This idea was voiced by the managing partner of the oldest Swiss private bank Wegelin Co. and president of the Swiss Private Bankers Association Konrad Hummler. If there is a real desire to criminalize the part of elites in European countries, it will be a greater problem for these countries than in Switzerland. The majority of our European clients are not criminals, they just have diversified savings outside their home country, - quoted Hummlera agency Bloomberg.
Last week, Swiss banks offered to withhold taxes from foreigners in an attempt to avert attacks on its banking secrecy from the United States, Germany and France. Bankers Association of the country has developed a proposal that data on the client will be known only to banks and the Government of Switzerland.
Withholding taxes may in the future to prevent the investigation, similar to the former executive director of Deutsche Post AG Klaus Tsumvinkelya, who admitted to concealing part of their income in Liechtenstein. The banker was found guilty of tax evasion amounting to 970 thousand euros and sentenced to two years of imprisonment and a fine of 1 million euros. Moreover, this process was made possible after an employee of Liechtenstein bank LGT Group for the generous compensation provided information about the German draft dodges the Government of Germany.
Nevertheless, some experts believe that the Swiss banks offer unacceptable half-measures, which are unlikely to agree to the leaders of G20. Yes, and fighters with those who are evading taxes, it is not configured to search for compromises. Everyone knows that the banking secrecy hiding massive evasion of the European elite to pay taxes, - says the head of London-based Tax Justice Network, John Christensen.
proposed tax on interest received, dividends, capital gains and investment could bring to European governments, billions of dollars a year, according to the Association of Swiss banks, which includes such major financial institutions like UBS AG and Credit Suisse Group AG .
What they ultimately want? cash inflows, or they are simply champions of the idea that people want to be right? Looking at their budgets, I have the impression that the money argument is a good decision , - concludes Hummler.
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