It was reported that the Swiss Federal Council has adopted the instruction for negotiations on 20 December 2013 regarding a reconsideration of the tax savings agreement with the European Union.
The EU ensures that the changes of this agreement are in line with the planned modification of the European Union Savings Directive. The review is designed to close evasion or avoidance in order to prevent the taxation of interest income from being circumvented by using intermediary companies or certain financial instruments. Switzerland and the European Commission are starting to negotiate due to commence at the beginning of 2014.
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