Tax Amnesty And Bank Secrecy: Recent Swiss And Belgian Developments

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Despite the European Commission's pledge to continue to seek the full exchange of financial information, the Swiss Bankers Association (SBA) reported a few days ago on its website that two new agreements to resolve outstanding tax issues will enter into effect in 2013, with Germany and the United Kingdom, respectively. Indeed, over the past few months, bank secrecy and the growing public debt of several European countries have made daily headlines. Since the start of the 2008 financial crisis, bank secrecy has come under fire by both the OECD and national governments seeking increased tax revenues. This article outlines the approach to tax amnesty and bank secrecy adopted by Switzerland and Belgium, in an effort to balance public and private interests.