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Der Standard - Austria | Friday, March 20, 2015

EU and Bern leave loophole for tax dodgers

EU citizens are no longer protected by Swiss banking secrecy, the EU Commission and Bern announced on Thursday. The banks will gather the respective data and make it accessible to EU finance ministers from 2018. The left-liberal daily Der Standard sees a flaw in the agreement: "This agreement will advance the international fight against tax evasion in the long term. After all the Swiss tax haven is drying up. But the big catch is that the agreement opens up another gigantic loophole. The Swiss credit institutes won't start gather data until 2017 and only exchange it in 2018. This means tax dodgers still have 18 months to move their undeclared assets to somewhere safe."

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