UK Received First Revenue from Withholding Tax Treaty with Switzerland

UK Received First Revenue from Withholding Tax Treaty with Switzerland

Recently the Swiss Federal Tax Administration has transferred CHF 500 mln (USD 549 mln) to the United Kingdom as an upfront payment, as provided for in the bilateral withholding tax agreement between two countries.

The upfront payment guarantees the United Kingdom a minimum amount from as yet untaxed assets of UK taxpayers in Switzerland. In accordance with withholding tax agreement, which entered into force on January 01, 2013, Swiss banks paid CHF 500 mln to the Federal Tax Administration. The tax authority has now transferred this amount to the United Kingdom as security for minimum tax revenues from anonymous retrospective taxation.

The withholding tax agreement signed by Switzerland with Austria, which also entered into force on January 01, 2013, does not contain provision for an upfront payment.

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