Switzerland’s Federal Tax Administration (FTA) has transferred a further CHF525 million (US$563 million) to Britain and Austria as part of a withholding tax agreement to settle untaxed assets held in Swiss banks.
The transfer to the UK amounted to CHF213 million and Austria received CHF313 million, swissinfo.ch reported quoting FTA).
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This follows a first payment of CHF900 million by Switzerland to UK, Austria as part of tax agreements in July this year. Further monthly payments will be made until June 2014.
The financial crisis has put Switzerland under mounting pressure to lift its trademark banking secrecy. In order to defend this principle, it has agreed to withholding tax deals with certain countries.
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.
According to the FTA 17,000 declarations have been made in Britain, totalling £6.2 billion. The 15,700 declarations from Austria total 4.8 billion.
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