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| Frieden Backs 'Inspirational' Swiss-German Tax Deal |
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, May 02, 2012
Luxembourg’s Finance Minister Luc Frieden has recently underscored that
the Swiss-German bilateral tax treaty will greatly influence and will be ‘inspiring’
for the ongoing debate within the European Union (EU) on the taxation of interest.
The intergovernmental treaty concluded recently between Switzerland and
Germany provides for the introduction of a withholding tax as a means with which
to resolve the longstanding issue of the undeclared deposits of German residents
held in Swiss banks.
In a recent interview with German newspaper Handelsblatt, Frieden said that the withholding tax model,
enabling the state of residence to collect taxes from a neighbouring country,
is a way of “efficiently” collecting taxes. It is much more costly
for finance officials to collect capital gains tax by any other means, Frieden
stressed, noting that Austria and the UK have also recently concluded similar
agreements, and that the withholding tax model is used in Luxembourg.
Turning his attention to the troublesome issue of a financial transactions
tax in the European Union, Frieden underlined the need first and foremost to determine
the aim of the levy, before searching for an “adequate solution”.
If the objective of the tax is to generate additional revenues, then a solution
should be sought at national level, Frieden argued. However, if the aim of the
tax is to ensure that trading in certain financial products is more “unattractive”
in future, and to, for example, curb high-risk speculative trade, then a European
or international solution is required, the minister added, emphasizing the need
to first identify the undesirable products in question.
The debate on the aim of a financial transactions tax must, however, begin
in the EU, Frieden concluded.
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