Switzerland’s Federal Tax Administration (FTA) has transferred approximately CHF900 million (US$962 million) to the UK and Austria as part of a withholding tax agreement to settle untaxed assets held in Swiss banks.
The transfer to the UK amounted to CHF372 million, CHF515 million was transferred to Austria.
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The FTA said that it recorded 14,789 declarations for the UK concerning the disclosure of CHF6.4 billion of assets and 13,592 declarations for Austria concerning assets amounting to CHF 5.4 billion.
"The regularisation of so-called legacy assets has thus begun and is being implemented according to the respective agreements," the Swiss FTA said.
Withholding tax on capital income generated on bank accounts or securities deposits after the deal came into force will be forwarded from 2014 onwards, it said.
Under the deals with Britain and Austria, clients with secret Swiss bank accounts can either provide their tax information to authorities and pay up or keep their anonymity and pay a one-off fine.
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By GlobalDataSwitzerland’s State Secretariat for International Financial Matters said implementation of the agreements had not thrown up any major obstacles, adding that negotiations on similar deals are currently underway with Greece and Italy.
