The European Commission (EC) wants the same level of access to information as Switzerland has promised the United States under its FATCA agreement.
What is FATCA? :http://franhendy.com/2012/05/10/10-fast-facts-about-fatca/
The Swiss however remain steadfast in their opposition to extending similar treatment to its European neighbours.
According to European Union (EU) Tax Commissioner Algirdas Semeta, speaking in Le Temps newspaper, there are seven Swiss fiscal regimes – three cantonal and four federal – which are ‘problematic’ for Europe.
Importantly, Semeta does not believe that the ‘Rubik’ deals that the Swiss government have negotiated with a few EU members are compatible with European transparency principles.
Simply put though these ‘Rubiks’ allow the Swiss to remit a ‘withholding’ tax on assets held in their banks to the countries of which the account holders are taxpayers but without exchanging information on those bank account holders.
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