Parliament agrees to align with OECD tax transparency rules
Companies listed on the Swiss exchange are already compliant with OECD rules on tax transparency, parliament has argued.
Keystone/Alessandro Della Bella
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation.
This content was published on
2 minutes
swissinfo.ch/urs
Following several rounds of discussions, both chambers on Wednesday agreed to abolish so-called bearer shares which can be used to help owners to dodge taxes by hiding their identities.
The reform foresees that bearer shares will be converted into registered name shares within 18 months. Exceptions are allowed for listed companies.
He added that further legal amendments might become inevitable a few years from now to ensure Switzerland stays in line with international rules on transparency and the exchange of tax information.
The government had tried since 2005 to convince parliament to adapt Swiss law, while in 2015 the OECD said it considered Swiss attempts to tighten rules on bearer shares insufficient.
However, parliament on Wednesday also threw out a proposal to grant legal assistance in cases of stolen tax data. It was argued that Swiss jurisdiction was adequate to handle international requests.
Limited impact
Peter V. Kunz, professor of economic law at Bern University, has downplayed the impact of scrapping bearer shares in Switzerland.
He told the Swiss news agency, Keystone-SDA, that the move is a relatively minor step, as most companies only issue named shares.
Kunz also said the elimination of bearer shares would not really help in the fight against money laundering or tax evasion.
“This is mere window dressing. There are enough other possibilities to launder money without using bearer shares,” he is quoted as saying.
Though most of major firms only issue named shares, it’s nevertheless estimated that tens of thousands of other Swiss companies will be affected by the reform.
The move comes ten years after Switzerland was forced to dismantle banking secrecy by agreeing to send information about customers’ accounts to foreign tax agencies.
More
More
Swiss say goodbye to banking secrecy
This content was published on
The international convention on the automatic sharing of banking information entered into force on January 1.
Swiss President Karin Keller-Sutter makes official visit to Austria
This content was published on
Karin Keller-Sutter, who took over the rotating Swiss presidency this year, has made her first official visit abroad as president to Austria.
This content was published on
The boss of Swiss Post, Roberto Cirillo, is stepping down at the end of March after six years in the job, the company announced on Friday.
This content was published on
The name and logo of the former Credit Suisse headquarters at Paradeplatz 8 in Zurich's financial centre were officially replaced by those of UBS on Friday.
Outgoing Swiss federal police chief warns of insufficient resources
This content was published on
The outgoing director of the Federal Office of Police (Fedpol), Nicoletta della Valle, has warned that officers, prosecutors and investigators in Switzerland have insufficient resources to do their work.
Swiss university inaugurates Europe’s most powerful centrifuge
This content was published on
The federal technology institute ETH Zurich has inaugurated Europe's most powerful geotechnical centrifuge. Researchers use the instrument to simulate the effects of natural hazards.
Swiss film industry reports successful year in 2024
This content was published on
Swiss films did well in cinemas in 2024, recording over 907,000 admissions, the Federal Statistical Office (FSO) reports. They accounted for almost 9% of all films shown last year in Switzerland.
Glencore and Rio Tinto held talks on mining’s biggest-ever potential merger, say reports
This content was published on
The Swiss-based mining and commodities group Glencore and the British company Rio Tinto reportedly held early-stage talks last year about combining their businesses.
First municipalities begin Swiss-wide plastic packaging recycling scheme
This content was published on
A new collection system to recycle plastic packaging and drinks cartons has begun in a handful of Swiss municipalities - others should follow in the coming weeks.
This content was published on
Despite an ongoing restructuring programme, Swiss retail giant Migros continued to grow last year by 1.6%, posting record sales of CHF32.5 billion ($35.7 billion).
Swiss researchers warn ‘mega-droughts’ are spreading around the world
This content was published on
"Mega-droughts" are increasing worldwide - becoming more frequent, hotter and more widespread over the past 40 years, a study published on Thursday shows.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland hosts meeting on tax transparency
This content was published on
The five-day gathering of the Global Forum peer review group is to examine the implementation of so-called group requests and the issue of the identification of beneficial owners, according to the State Secretariat for International Financial Matters. “This meeting confirms that Switzerland supports the efforts of the international community regarding tax transparency,” the statement says.…
This content was published on
“It’s already clear that Switzerland is a favourite whipping boy internationally,” says Peter V. Kunz, professor of economic law and comparative law at the University of Bern. “It has made considerable progress in certain areas in recent years, but because progress is slower than in other countries, the finger is still being pointed at Switzerland,”…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.