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Switzerland Ratifies Tax Treaty with Austria
Switzerland has approved the tax deal with Austria and the UK. The treaty will come into force by January 2013.
Switzerland Ratifies Tax Treaty with Austria / Picture: © Swiss and Austrian crossed flags by Vindobona
For Austria, the tax treaty will bring an expected tax intake of more than € 1.0bn. In April, Switzerland and Austria agreed on a common tax treaty to prevent tax evasion by Austrian nationals holding accounts with Swiss banks. It is expected that Austrians have assets worth € 12bn to € 25bn in Switzerland.
The illegal assets will be taxed at a rate from 15% to 38%. What…
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