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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 827. No more tax evasion to Switzerland
26 September 2012 @ 17:03

Switzerland lifts bank secrecy and give Spain accounts data

Switzerland will provide all kinds of data on bank accounts in Spain starting January 1, 2013. Agreed upon by the Swiss Parliament, which has decided to respond to the demands of mass information put by the countries with which it has signed an Agreement for the Avoidance of Double Taxation (CDI), such as Spain, which means the end of the Swiss banking secrecy.

This decision, which have endorsed 130 MPs compared to 54 votes against, implies that the Spanish Treasury will perform what is called “group action”, to ask Switzerland to provide details of taxpayers who may have committed fraud or tax evasion or simply have breached any rules, but without giving his name or provide account or any type of banking information, which was a requirement so far. In the past, Swiss bank secrecy led them to respond only to requests from judges in a criminal case.

 Switzerland is reviewing its banking business model to the pressures the OECD, the European Commission and the U.S.

The new framework comes into force in 2013, at the same time of the Law on Tax Fraud Prosecution which is being prepared by the Government. That is, from January the 1st, any foreign account needs to be reported, and the associated fines are from 10,000 euros, fines which will not prescribe and that can be charged against last year tax exercise with a penalty of 150% of the amount.

To do this, Spain will have the necessary information from Switzerland, where, according to Swiss analyst firm Bern, there are about 45,000 million Euros of Spanish taxpayers. By that time, the New Criminal Code, which also aggravates the fiscal offense, will be in force.

Last point to be elucidated is regarding retroactivity of the measure.

New times keep coming! Democracy and transparency welcome home!

Cheers :)


"Kite-Surf in the beach Los Lances", Tarifa, Cadiz, South of Spain

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