End of Bank Secrecy? Switzerland, Singapore Agree to Share Tax Information
from Russia Today
Switzerland and Singapore have both agreed to share data and tax information under a groundbreaking new treaty signed by some 47 nations worldwide.
“It’s clearly the end of bank secrecy abused for tax purposes,” OECD tax director Pascal Saint-Amans told reporters in Paris on Tuesday
Switzerland and Singapore are renowned for their status as massive offshore financial centers. Their signing up is considered to be a giant step in an escalating battle against international tax evasion.
Switzerland has some $2 trillion in assets and more than 300 private banks. However, Singapore is a close second and a study released last year showed that experts believe that the country will soon overtake Switzerland as regulations increase in severity.
Source: http://financialsurvivalnetwork.com/2014/05/%e2%80%8bend-of-bank-secrecy-switzerland-singapore-agree-to-share-tax-information/?utm_source=rss&utm_medium=rss&utm_campaign=%25e2%2580%258bend-of-bank-secrecy-switzerland-singapore-agree-to-share-tax-
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