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Russia offers Switzerland to sign agreement on customs collaboration

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VIENNA: Russia has offered Switzerland to sign an agreement in collaboration in the sphere of customs, Ruslan Davydov, first deputy director of Russia’s Federal Customs Service told press. As the incumbent chairperson of the Council of the World Customs Organization (WCO), he took part in a conference of the organization’s Europe region, held in Vienna. “Russia and Switzerland don’t have ... Read More »

Swiss president eyes trade, infrastructure & energy cooperation


ZURICH: Swiss President Doris Leuthard took advantage of her official trip to Buenos Aires this week to advocate greater cooperation with Argentina in areas such as infrastructure investment, trade and multilateral cooperation at a time of rising spreading “nationalism and protectionism.” As the first president of the Swiss Confederation to travel to Argentina in an official capacity, Leuthard urged that ... Read More »

Swiss Franc trading lower in the morning session


BERN: For the 24 hours to 23:00 GMT, the USD rose 0.1% against the CHF and closed at 0.9987. In the Asian session, at GMT0300, the pair is trading at 0.9993, with the USD trading 0.06% higher against the CHF from yesterday’s close. The pair is expected to find support at 0.9956, and a fall through could take it to ... Read More »

Specter of tax evasion haunts Swiss banks

A man works on a new banner of the Swiss bank Credit Suisse in Zurich, Switzerland, Tuesday, May 10, 2016. Switzerland's second-biggest bank on Tuesday reported a net loss of 302 million Swiss francs ($311 million) in the three months through March, compared with a profit of 1.05 billion francs a year ago. (KEYSTONE/Ennio Leanza)

BERN: Swiss private banks have spent much of the past decade trying to rid themselves of lucrative accounts used to avoid taxes. But news of an international tax probe at Credit Suisse last month showed more work is needed to mend Switzerland’s image as a tax haven. Banks have written to tens of thousands of clients ordering them to “regularise” ... Read More »

Switzerland is not manipulating its currency: State Secretary

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ZURICH: Switzerland is not manipulating its currency, Jorg Gasser, the country’s state secretary for international financial matters, said on Tuesday. That followed Switzerland being named last week as one of six countries on the “monitoring list” in the U.S. Treasury’s semi-annual currency report on potential foreign-exchange manipulators. Switzerland met two of the three criteria to be named a manipulator, both ... Read More »

Switzerland to exchange bank details with Pakistan from 2019

Pakistan to ink accord with Switzerland to exchange bank accounts information: Finance Minister

BERN: Switzerland will start exchanging bank details with Pakistan and 21 other countries from 2019 under the contract signed by these countries before 2018. The 22 countries with which Switzerland singed the deal before 2018 include Pakistan, Andorra, Argentina, Barbados, Burundi, Brazil, British Virgin Islands, Chile, Greenland, India, Israel, Mauritius, Mexico, Monaco, New Zealand, San Marino, Republic of Seychelles, South ... Read More »

Tax evasion issue continues to haunt Swiss banking

Tax Evasion

ZURICH: Swiss private banks have spent much of the past decade trying to rid themselves of lucrative accounts used to avoid taxes. But news of an international tax probe at Credit Suisse last month showed that Switzerland has further to go before it can escape the shadow of its image as a tax haven. Banks have written to tens of ... Read More »

New Swiss corporate tax reforms on schedule


ZURICH: A steering body charged with drawing up a new package of Swiss corporate tax reforms has completed a first round of hearings on the proposals. The steering body is comprised of members from the Confederation and the cantons. It was set up following the Government’s defeat in February’s referendum on the third series of corporate tax reforms (CTRIII). According ... Read More »

SIX bids to ease exchange of tax information


BERN: The automatic exchange of information (AEoI) places a significant organizational burden on financial institutions. To make things easier, SIX is introducing a service to handle the whole procedure. The new service on offer from SIX helps financial institutions to compile and classify their clients tax data more easily. Banks will be able to extend and standardize their reporting to ... Read More »

Swiss court rejects tax data request by French authorities


ZURICH: Switzerland’s highest court has ruled that the Swiss Government cannot honor a request by the French tax authorities for information on two clients of a Swiss bank because the information at issue was obtained illegally. The case in question involves a married French couple whose bank account details were among those stolen by Herve Falciani, a former employee of ... Read More »

Swiss financial watchdog probes Credit Suisse aimed tax fraud


BERN: Switzerland’s financial watchdog said it was “in contact” with Credit Suisse after authorities in the country were kept in the dark about a massive international fraud probe targeting the bank. The five-country tax evasion and money-laundering investigation focusing on clients and top employees of Switzerland’s second-largest bank came as a surprise to Swiss officials when it was announced last ... Read More »

Switzerland, UK discuss post-Brexit free trade talks


ZURICH: Talks on the post-Brexit relationship between Switzerland and the UK are underway, according to the Swiss Federal Council. On March 31, Swiss Federal Councillor Johann N Schneider-Ammann met the UK’s Trade Secretary Liam Fox for a working meeting on Swiss-UK relations after the UK leaves the EU. As part of the Federal Council’s “Mind the Gap” strategy, it will ... Read More »

Swiss Credit Suisse CEO paid €11m despite back-to-back losses

Swiss Credit Suisse post SF2.44b net loss for 2016a whistle-blower, a prosecutor in Dusseldorf said. The 150 tax officials and prosecutors were searching for
information on tax evasion by German customers of the bank. They were acting on a warrant issued by a Dusseldorf district court. Wealthy Germans often park money in secret investment accounts abroad and fail to declare the investment income, although German taxes are calculated on an individual‘s global income.  EPA/STEFFEN SCHMIDT

ZURICH: Credit Suisse bucked the trend set by its European peers and increased bonuses by 6 percent last year despite reporting a large annual loss, as Tidjane Thiam, chief executive, pressed ahead with restructuring. The Swiss bank also revealed that the pay of its chairman Urs Rohner had risen by 23 percent to almost SFr4 million ($4m) for the 12 ... Read More »

France, Switzerland inks accord on tax system to EAP

France, Switzerland

BASEL: France and Switzerland have signed an international agreement on the tax system applicable to EuroAirport Basel Mulhouse Freiburg (EAP). The agreement was signed by Swiss Federal Councillor Didier Burkhalter and the French Secretary of State for European Affairs, Harlem Desir. The agreement aims to establish a long-term legal regime to ensure that the airport and its businesses remain attractive ... Read More »

Swiss current account surplus widens by $5.04b

current account

BERN: Switzerland’s fourth-quarter (Q4) current account surplus widened by 5 billion Swiss francs ($5.04 billion) year on year to 22 billion francs as surpluses in services and in trade in goods both rose, data from the Swiss National Bank showed on Friday. The financial account balance — the increase in the net international investment position resulting from cross-border investment — ... Read More »

Swiss watchmakers expect challenging US market this year

swiss watches

BASEL: Swiss watchmakers expect the market to stay challenging this year with the United States, their second-biggest market, showing no signs of recovering, executives said at an industry fair in Basel. Swiss watchmakers are grappling with declining sales in their biggest markets – Hong Kong and the United States – and have been hit by tourist shoppers avoiding Europe for ... Read More »

Ahead of Basel trade fair, Swiss watches slide 10%


BASEL: The world’s biggest watch fair will open in Switzerland this week, even as slumping exports of luxury Swiss timepieces appear to dash hopes of a market rebound. Global exports of Swiss watches slid 10 percent in February to 1.5 billion Swiss francs ($1.5 billion, 1.4 billion euros), the Federation of the Swiss Watch Industry (FHS) said Tuesday. The news ... Read More »

Switzerland-Pakistan inks accord to avoid double taxation

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ISLAMABAD: Pakistan and Switzerland signed the revised Agreement on Avoidance of Double Taxation with respect to Taxes on Income. The revised Avoidance of Double Taxation Agreement will open new vistas for cooperation, especially in the areas of exchange of information for tax purposes. It contains improvements with regard to the taxation of service fees and capital gains resulting from the ... Read More »

Swiss govt. lowers economic growth outlook by 1.6%


ZURICH: The Swiss government lowered its economic growth outlook for 2017 on Tuesday, saying the recovery from a currency shock two years ago had lost pace late last year. The State Secretariat for Economic Affairs (SECO) said in its latest quarterly forecasts it now expected economic growth of 1.6 percent in 2017, down from its view of 1.8 percent in ... Read More »

Switzerland trade surplus shrinks in February


ZURICH: Switzerland’s trade surplus declined in February as exports decreased amid an increase in imports, the Federal Customs Administration said Tuesday. The trade surplus declined to CHF 3.3 billion in February from CHF 4.8 billion in January. Exports decreased 2.2 percent month-on-month, but smaller than the 3.6 percent fall in January. Meanwhile, imports climbed 2.9 percent, reversing a 3.9 percent ... Read More »