Tax Negotiations between Switzerland and Greece Near Conclusion

Tax Negotiations between Switzerland and Greece Near Conclusion

According to the Greek finance ministry the negotiations on bilateral tax agreement covering taxation of undeclared Greek assets with Switzerland due to conclude soon.

The last round of negotiations has just begun in Bern and the signing of the agreement is expected by the end of September. The Greek-Swiss tax agreement is based on the similar tax agreements already signed by Switzerland with Germany and Austria. It will enable Greek residents holding assets in Swiss banks to maintain their anonymity by paying a withholding tax of up to 30% or to regularize their accounts with the Greek tax authorities directly.

At present the approximate amount of money held by Greek residents in Swiss banks is about USD 261 bln. There is about USD 70 bln of tax owed to the Greek government. Greece intends to take active steps for preventing tax evasion as a major problem for Greek government now is raising revenue.

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