End Of An Era: Swiss Banks Now Exposing Tax Cheats
For decades, Switzerland was a haven for those who were avoiding taxes all over the world. Now, it is a country that is embracing transparency.
According to a report in Reuters, the country is voluntarily sharing client information with taxing authrities. The report claims they are doing this with dozens of countries.
It is obvious the international pressure levied against the Nordic country worked.
Switerzerland is no longer a tax haven.
To read full article, click on image.
Well that's new! I think it would be better that way since there were lots of well known personalities or businessmen in the past who tend to hide all their assets through Swiss banks. Thus, making them pay their taxes less.
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Will this make privacy cryptos like Monero the Swiss bank account of the future?
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The automatic exchange of tax information AEOI is an international standard that governs how tax authorities in the participating countries exchange data relating to the bank and safekeeping accounts of taxpayers. The goal is to make tax evasion impossible. The member countries of the G20, the OECD and other important financial centres, which total over 100 jurisdictions, have committed to implementing AEOI.
Counties that do not comply will end up on sanction lists of the OECD. This limits the nature of voluntary...
But I agree, it's a good thing after all...
Not necessarily, taxes are voluntarily, but if you take advantage of the benefits from them you have to bear the burden of the benefit. Voluntarily means you have a choice, if you want to be part of a club you must abide by their rules, and it's your choice if you join or not.
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