Swiss Bank Accounts; not all that secret any more
SWITZERLAND has become the 58th country to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (as reported in our Mixed Buzz on 16th October). The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The Convention is the most comprehensive multilateral instrument available for all forms of tax cooperation to tackle tax evasion and avoidance, a top priority for all countries. The Convention is a multilateral agreement designed to facilitate international co-operation among tax authorities to improve their ability to tackle tax evasion and avoidance and ensure full implementation of their national tax laws, while respecting the fundamental rights of taxpayers.
The Swiss Bank accounts may no more be all that secret. Will it mean the revelation of the slush funds or their flight to another safe destination?