Reuters: Financial Services and Real Estate: UK tax head doesn't see EU opposition to Swiss pact

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UK tax head doesn't see EU opposition to Swiss pact May 14th 2012, 13:35 By Katharina Bart ZURICH | Mon May 14, 2012 9:35am EDT ZURICH May 14 (Reuters) - A British deal aimed at sweeping Swiss banks clean of undeclared money is likely to come into force without further opposition from the European Union, Britain's top tax official said on Monday. Dave Hartnett, head of British tax authority HMRC, was responding to a question on whether E.U. common markets officials could mount objections to Britain's deal as well as ones Switzerland clinched recently with Germany and Austria, in favor of demanding an EU-wide pact. "There may one day be some overarching agreement, but I don't see much movement in that direction," Hartnett told a gathering of Swiss private bankers here. EU tax officials initially opposed the British and Swiss deals, but backed down after Switzerland agreed to bring the pact into line with EU rules. Experts have been divided over whether EU officials might intervene again to stall the deals. Switzerland is seeking withholding tax deals in order to preserve bank account secrecy, the cornerstone of the country's $2 trillion financial services industry. Secrecy has been under attack in recent years as cash-strapped governments crack down on undeclared funds held in hidden Swiss accounts. Hartnett voiced confidence the British pact will be vetted by British lawmakers in coming weeks, as well as his hope it will be backed by the Swiss parliament shortly. Swiss lawmakers must vote the pact through for the withholding tax to come into effect by the start of 2013. (Reporting By Katharina Bart; Editing by Jon Loades-Carter) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions