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Tag Archives: Swiss banks

Swiss banks to face costly manpower from new market in Zurich

swiss bank

WARSAW: Swiss financial titans UBS and Credit Suisse are expanding their operations in provincial Poland in a cost-saving drive made more urgent by the surge in the value of the Swiss franc. Economic imperatives are forcing the banks to transfer some of their functions to cheaper locations and swap lakeside Zurich, with its streets lined with luxury boutiques, for the ... Read More »

$200b recovery from Swiss banks: Officer stuns Finance Ministry, FBR

swiss

ISLAMABAD: The Finance Ministry and Federal Board of Revenue (FBR) are stunned over the outcome of mission sent to Switzerland to negotiate on the issue of bringing $ 200 billion from Swiss banks. Federal Minister for Finance Ishaq Dar had announced that talks would be held with Swiss authorities in August to bring back US$200 billion to Pakistan from banks ... Read More »

Retrieving $200b from Swiss: Finance Ministry, FBR stunned over ‘misuse’ of authority

swiss

ISLAMABAD: The Finance Ministry and Federal Board of Revenue (FBR) are stunned over the outcome of mission sent to Switzerland to negotiate on the issue of bringing $ 200 billion from Swiss banks. Federal Minister for Finance Ishaq Dar had announced that talks would be held with Swiss authorities in August to bring back US$200 billion to Pakistan from banks ... Read More »

Islamabad-Geneva sign treaty on avoidance of double taxation

Pak-Switzerland

ISLAMABAD: Three days visit of the Pakistani delegation to Switzerland ended in signing a revised treaty on avoidance of double taxation. The treaty will also help Islamabad seek information about the money deposited by Pakistani nationals in Swiss banks for tax purposes. The documents were inked at the conclusion of talks held in Geneva to renegotiate the July 2005 Convention ... Read More »

Visit of FBR tax delegation to Switzerland: The hype vs reality

money-

The visit of the FBR delegation to Switzerland to discuss the double taxation agreement and convince Swiss authorities to make amendments that may ultimately lead to recovery of a reported stashed $200 billion has attracted immense interest in the Pakistani media. However, despite the optimism the recovery would be a long drawn process. It may be mentioned here that Pakistan ... Read More »

Swiss banks hit by huge deposit outflow in tax crackdown

SwissBank

ZURICH: Swiss banks have suffered from a massive outflow of funds since 2008 due to the international crackdown on tax evasion. According to a survey by auditors PricewaterhouseCoopers attributed much of the outflow — totalling almost 350 billion Swiss francs (290 billion euros, $380 billion) — to customers paying fines for undeclared assets held in Swiss accounts. The report said ... Read More »

$200b: Finance secy, FBR chief reaching Switzerland on 26th

$200b

ISLAMABAD: The delegation to negotiate return of $200 billion of Pakistan stashed away in Swiss Banks will reach Switzerland on August 26, 2014. The delegation will consist of the Federal Finance secretary, the FBR chairman and other officials. According to reports, the Pakistani delegation will stay in Swiss capital for three to four days. It has been expected that it ... Read More »

Parleys for $200b stashed in Swiss banks in the offing

Dar

ISLAMABAD: Finance Minister Ishaq Dar said talks to bring back $200 billion “what he said” belonging to Pakistan and stashed in banks in Switzerland will begin in the current month. In a statement issued here, the federal minister pointed out that the talks would be held in several phases and it could take three to four years to bring the ... Read More »