Germany leaning towards purchase of stolen bank data - swissinfo.
Selling deatils of Swiss bank accounts looks like becoming a regular pastime in the Alps
The Swiss are angry at the Germans but the Germans are the aggrieved party
What sort of mentality is it that the Swiss have that lets them get so annoyed at the discovery of the crime they facilitate?
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
Richard,
It is the same individual who tried to sell a “list” to the French IRS. As I am sure you are aware, the French have agreed not to use the data to pursue tax evaders, mostly because the data was unreliable, out of date and unusable for prosecution.
It is not clar that the data would be of any more use to the Germans. in fact, there are strong reasons to think that it is even less useful.
I have the feeling that both sides will want to bury this incident as soon as possible. The Germans are in a tight spot; they need the Swiss to play ball to have any chance of reaching some sort of agreement on the EUSD (without the Swiss on board, Luxembourg and Austria will veto any deal). The Swiss want to get themselves out of the newspapers, it is not good for business.
Look for this story to have a very short shelf life.
Richard,
Everyone should have strong feelings when they see Germany breaking the laws (incl. its own) to violate the the privacy of accountholders in Switzerland.
There is a lot of history behind this, which you conveniently choose to ignore.
What does that make you? An apologist or a revisionist?
eg
No, a promoter of tax compliance
Tax compliance is seeking to pay the right amount of tax (but no more) in the right place at the right time where right means that the economic substance of the transactions undertaken coincides with the place and form in which they are reported for taxation purposes.
I respectfully suggest you are a promoter of tax evasion
Now which of us has the high ground?
Richard,
So the state should be allowed to commit a crime under its own law in order to establish the presumption of a crime on the part of its citizens.
Do you realize what you are proposing? What is next, torture chambers?
You are a very scary person at times.
eg
Naturally Edouard would prefer that tax evaders went uncaught and unpunished. It is good for business!
Do you believe that tax evasion involving Switzerland does not occur, Edouard?
Or, if you accept it does occur, perhaps you could come up with a more cuddly tea-and-biscuits way of catching these people. I, for one, am all ears!
Easy Jimmy! I am not supporting tax evasion, but neither am I in favor of state-sponsored violations of the right to privacy.
The Swiss government has proposed a much improved witholding regime that seemsto strike the right balance between the need to tackle systemic tax evasion and the the need to protect individuals’ rights to privacy.
In effect, EU residents would see their Swiss income taxed in accordance with the tax regime of their country of residence, with the Swiss IRS acting as a mere collection agent.
The Murphy’s of this world will kick and scream out of principle, but this is the only way forward; it is also the only regime that Luxewmbourg and Austria will ever accept.
Complete nonsense Edouard
The wiss option is to maintain banking secrecy and give other countries no data
So no chance of higher rate tax collection for a start – it’s an enforced flat tax
In other words it is blatant promotion of tax evasion behind closed doors still
Just as the European Union Savings Tax Directive withholding option has been
Please stop pretending you oppose evasion when you promote mechanisms to facilitate it
Richard,
Predictable response from a predictable person!
This dialog is going nowhere.
Debate closed.
eg
Wrong
This dialog has exposed your inability to defend the tax evasion you promote
@Edouard (London Expat)
Do you really think the Swiss are holding the cards regarding the EU savings tax? Switzerland will be forced by threat of sanctions to adopt the revised EU savings tax… and by the way, I’m all for Germany buying the data to ferret out their weasels.
Mark
I agree totally with you. Until and unless real sanctions are introduced against Switzerland, the whole EUSTD is going absolutely nowhere. So why isn’t it happening ? Why the holdup ?
Mark, Rupert:
It is a delicate balance in which all parties have their cards to play.
But don’t forget one thing; Luxembourg, Austria and to some extent Belgium are very uncomfortable the direction of EUSTD, and are naturally allied with the Swiss.
The talk about sanctions is ridiculous. It simpl will not happen, it would be impossible to achieve EU wide consensus on anything. The E would just humiliate itself.
Good luck for trying.
eg
Edouard
I believe that Belgium has already come on board. Its just Lux and Austria within the EU who are holding out and they will continue to do so for so long as the Swiss hold out.
Actually you guys are all in the dark as to the holdup. The reason Austria and Lux not approving the EUSD is not because it now includes entities, arrangements and other financial products. The fly in the ointment for them, is that they would have to exchange info instead of withhold savings tax. ECOFIN has now agreed that those two can carry on withholding tax. So now expect the EUSD amendments to be approved quickly.
Yes Mark but if those two countries can carry on withholding tax then there’s no chance of Switzerland exchanging information. I also suspect that the Channel Islands and the Isle of Man won’t agree to exchange information either, as the “level playing field” argument from years ago will remain. Personally I think that would be a wrong decision by the Crown Dependencies but time will tell.
@Mark
I think that the withholding tax regime you describe for Austria and Luxembourg is in line with what Switzerland is putting on the negotiating table (and which is an extension of the current EUSTD).
But our host on this site has got a major problem with it (see his post #7).
eg
@Rupert
The IOM has already announced that it will abandon withholding tax next year. I guess that we and Guernsey are playing chicken, and waiting until others run across the road. It’s cynical, but good for business (dodgy business).
The Girrl