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Austria and Switzerland sign deal protecting bank secrecy
April 20th, 2012
Switzerland has just signed a ‘Rubik’ deal with Austria which protects banks secrecy in return for an anonymous tax being returned to Austria. This is similar to the ruinous Rubik deals made with Britain and Germany. This deal, which must be ratified by both countries’ parliaments, makes public a covert Swiss-Austrian alliance to block EU cooperation against tax dodgers and prevent automatic exchange of tax information between European governments.
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Automatic Information Exchange or Banker’s Pet Scheme: Europe Remains Undecided
September 14th, 2011
In Germany, the Social Democratic Party (SPD) has come out against the deal. Meanwhile, the European Commission has also said it will have to assess the legality of the deals but has not taken a firm position. The final withholding tax concept, known as ‘Rubik,’ was initially formulated by the Association of Foreign Banks in Switzerland (AFBS) and by Swiss banks to protect banking secrecy against the international moves towards automatic tax information exchange, which followed the global financial crisis.
SPD Plans to Block Rubik Ratification in Germany
The SPD’s financial concept note published last Monday rejects the agreement with Switzerland. It is...
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