Switzerland escapes EU tax blacklist - but only just
Switzerland has been placed on a ‘grey list’ of countries deemed to be only partially compliant on tax transparency.
It has escaped the ‘black list’ which was feared after voters rejected tax reforms earlier this year.
Although the country has essentially abolished banking secrecy – there are still concerns over the practice of allowing corporations to book profits made abroad at significantly lower rates than other countries.
The government is now working to bring a new proposal to the people. In the last vote, the public were concerned companies would benefit at the expense of the individual.