Switzerland is ready to enter into formal negotiations with Greece over a deal to tax the assets wealthy Greeks have stashed in secret Swiss bank accounts.
The Swiss government said on Wednesday it had adopted a mandate for negotiations after consulting parliamentary committees. The two governments have been holding initial discussions on the matter for several months already.
“Bern and Athens are striving towards the swift conclusion of an agreement, similar to the agreements with Germany, Britain and Austria,” the government said in a statement.
Any agreement with Switzerland could help fill some of the gaping holes in Greece’s budget by imposing a punitive levy on existing account balances and a withholding tax on future gains.
The Swiss government has sought such tax deals as an alternative to the automatic exchange of bank information, in a bid to defend the secrecy it sees as crucial to its $2 trillion offshore wealth management industry.
According to an EU report published last year, Greece has about 60 billion euros in unpaid taxes, an amount equal to roughly a quarter of its economy and over a sixth of its debt.
But how much money Athens stands to recoup via a withholding tax deal is not clear.
The Swiss have already signed withholding tax deals with Britain, Austria and Germany, and are in talks with Italy.
(source: Reuters)
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