Switzerland placed on EU tax ‘grey list’

The European Union has deemed Switzerland to be partially compliant on tax matters by placing the alpine state on a grey list of “non-cooperative jurisdictions for tax purposes”.  There were fears that Switzerland would be black-listed after voters rejected corporate tax reforms earlier this year.  Until now, each EU member state had its own list of non-tax compliant countries. On Tuesday, EU finance ministers unveiled a central list stating the tax compliance, or otherwise, of non-EU trading partners. The black list mainly contains well known offshore tax havens.  It was partly inspired by the Panama Papers exposé of how law firms in tax havens work with multinationals to help them artificially reduce tax bills.  The EU index measures the transparency of each country’s tax regime, tax rates and whether its tax system encourages multinationals to unfairly shift profits to low tax regimes to avoid higher duties in other states.  In recent years, Switzerland has effectively ...

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