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In 2004, Switzerland and the European Union (EU) concluded within the framework of Bilateral Agreements II the taxation of savings Agreement on combating cross-border tax evasion, which was based on the EU Savings Tax Directive. Interest income of EU taxpayers should be taxed even when this income is generated in a third country such as Switzerland. Swiss paying agents, such as banks, levy an anonymous withholding tax of 35% on the savings income generated in Switzerland of natural persons with tax residence in the EU. Negotiations on a revision of the Agreement were started in mid-January 2014. In May 2014, the Federal Council adopted a draft mandate for negotiating the automatic exchange of information (AEI) with the EU which is to be submitted to the responsible parliamentary committees and the cantons. An agreement between the EU and Switzerland on the introduction of AEI would replace the taxation of savings Agreement.
Status August 2014
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