On July 10, 2016 the Swiss Federal Tax Administration issued a press release by which it announced that the amount of taxes it retained on behalf of the EU in 2016 amounted to CHF 74,8 million (was CHF 169,3 million in 2015, CHF 317 million in 2014 and CHF 510.1 million in 2013). At the same time it is noted that in 2016 approximately 350,000 voluntary declarations to the tax authorities were received (was 328,000 in 2015 and 150,000 in 2014).

 

In compliance with the agreement on the taxation of savings with the European Union (EU) in force since July 1, 2005, a system of tax retention of 20% was imposed from July 1, 2008 and the top rate of 35% has applied since July 1, 2011. 75% (CHF 56.1 million) of the proceeds are passed to the member states concerned. 25% (18.7 Million) of the proceeds go to the Confederation, with 10% (1.9 Million) passed on to the cantons.

 

In addition, the agreement makes provision for the recipients of interest payments to choose between the system of tax retention and a voluntary declaration to the tax authorities. Overall in 2016, approximately 350’000 declarations were received. The breakdown of these declarations according to each EU country will be published soon on the website of the Federal Tax Administration (FTA).

 

On May 27, 2015 Switzerland and the EU signed an agreement regarding the automatic exchange of information in tax matters (AEoI). In formal terms, the agreement is a protocol of amendment of the taxation of savings agreement between Switzerland and the EU. The AEoI replaces thus the abovementioned tax retention and declarations starting on January 1, 2017.

 

Based on the information provided by the Swiss Federal Department of Finance the top 5 of Individual EU Member States hat will receive a share of the taxes retained are:

 

 

2016

2015

2014

1

Germany (11.2 million)

Italy (CHF 52.2 Million)

Italy (CHF 73.4 Million)

2

Italy (10.0 million)

Germany (CHF 20.3 Million)

Germany (CHF 51.3 Million)

3

France (6.3 million)

France (CHF 12.4 Million)

France (CHF 39.5 Million)

4

Greece (5.5 million)

UK (CHF 6.5 Million)

Spain (CHF 10.9 Million)

5

Austria (5.4 million)

Greece (CHF 6.4 Million)

Greece (9.6 million)

 

Click here to be forwarded to the press release as issued by the Swiss Federal Tax Authorities in this respect. A breakdown of each individual EU member states' share of the tax retained is attached to the press release.

 

 

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