Italy has increased its controls at the Swiss border to prevent undeclared funds from leaving the country. The efforts are paying off, but large sums are still believed to pass customs undiscovered.
In June Finance Minister Eveline Widmer-Schlumpf will meet with Italian Prime Minister Mario Monti to discuss a new tax agreement between Switzerland and Italy. Talks will cover a new withholding tax on Italian assets in Swiss banks, taxes levied on cross-border workers in the southern canton of Ticino, access to financial markets and a revision of the current double taxation treaty. (SF/swissinfo.ch)