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With the 2004 agreement on the taxation of savings income, Switzerland supports the European Union (EU) system aimed at taxing cross-border payments of interest on savings to natural persons. Swiss paying agents such as banks or asset managers deduct withholding tax on income from the savings in Switzerland of persons liable for taxation in an EU member state (similar to the ordinary Swiss withholding tax). Since July 2011, this withholding tax has been 35%. On 14 May 2013, the EU adopted a negotiating mandate for the revision of the agreement. The Federal Council for its part has adopted a draft mandate which is currently in consultation.
Status November 2013
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