|EU Council of Ministers Gives Mandate to Commission to Negotiate with Five Non-EU European Countries|
European Union finance ministers have given the green light to start talks with Switzerland, Liechtenstein and three other countries on new rules for swapping bank account information
The talks in Brussels had long been opposed by EU members Luxembourg and Austria, which were seeking to defend their own bank secrecy rules, but on 14 May 2013 their finance ministers dropped those objections.
"Ministers have adopted a negotiating mandate on the savings tax with Switzerland, Liechtenstein, Andorra, Monaco and San Marino," said one EU official with knowledge of the talks.
The basis of the talks with Switzerland will be the so-called EU savings tax directive.
By giving the European Commission the go-ahead to negotiate with Switzerland, EU finance ministers hope to push for the same rules to be applied to Switzerland as would be applicable to Austria and the wider European Union.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on May 16, 2013