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Tax at source proposed for US account holders

Switzerland has proposed it impose a final tax at the source on money held by US citizens in Swiss banks, according to Finance Minister Eveline Widmer-Schlumpf.

In an interview with the SonntagsZeitung, Widmer-Schlumpf said negotiations with the US for a tax at the source had not yet begun.

But she said the imposition of a final tax could be a means of resolving differences between the US and Switzerland on issues of banking secrecy.

Widmer-Schlumpf said such a tax would allow the names of account holders to be kept secret, while at the same time Switzerland would be responsible for returning tax revenues to authorities of the account holder's US state of origin.

Switzerland is negotiating similar taxes at the source with Britain and Germany. Widmer-Schlumpf said an accord with Germany on a final tax was expected to be agreed upon this Summer. and agencies


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