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What is it all about?
Switzerland has completed groundbreaking agreements with the United Kingdom and Austria which provide proper taxation of assets held in Switzerland by investors taxable in this countries, without invading their financial privacy.
Liechtenstein has also concluded a tax agreement with Austria. The aim of this agreement includes the taxation of previously untaxed assets and also ensuring the taxation of future investment income and capital gains.
(Please click to open the table as PDF)
Furthermore, Austrian clients may still file a voluntary disclosure and for UK clients, a regularisation under the “Liechtenstein Disclosure Facility” (“LDF“) remains possible.
On the right you find a tool to calculate the one-off payment for the regularisation of the past.
With respect to the mentioned basic elements all the agreements contain similar rules. In respect to important details the agreements differ due to the different tax systems. Further information to specific aspects of the UK Agreement you find on the site “Tax agreement with the United Kingdom”.
The tax agreements with Austria and the United Kingdom entered into force on 1 January 2013. As from this date, the investment income and capital gains of Austrian and UK clients of Swiss banks are either subject to the final withholding tax or voluntary disclosure. Furthermore, the one-off payment for the regularisation of the past will only be levied on 31 May 2013 unless the bank client authorises the bank for the voluntary disclosure.The banks must ensure that the tax agreements are correctly implemented.
Simultaneously, for each bank client it has to be analysed whether a voluntary disclosure (Austrian clients) or an LDF (UK clients) in advance would be more advantageous or whether the bank client should wait for the regularisation within the framework of the agreements.
KPMG can support both, banks as well as bank clients, with the various issues; in particular with the implementation of the agreements. Selected experts from our experienced banking team are available to support you particularly through the following services:
Partner, Head of German Tax & Legal Center
+41 58 249 35 10
Head of Legal
+41 58 249 35 48
Calculate the one-off payment for the regularization of the past with our Online Tools:
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