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Paris court to investigate UBS France

This content was published on Apr 16, 2012 Specifically, UBS is suspected of having had an organised, commercial offer for clients which proposed ways of hiding money from French tax authorities. The judicial investigation, which will be led by a Paris magistrate, follows a preliminary inquiry by police which was opened in March last year and which was meant to determine if serious…

Cross-border shoppers targeted by campaign

This content was published on Apr 13, 2012 The Swiss Small and Medium Sized Business (SME) Association is coordinating a campaign against cross-border shopping that is estimated to have cost the Swiss economy up to SFr5 billion ($5.5 billion) last year. The strong franc was responsible for driving more Swiss consumers over the borders in 2011 to take advantage of cheaper goods in…

Return to floating exchange rate dismissed

This content was published on Apr 13, 2012 However, currency experts agree that the temporary slip that occurred during Easter week does not require a change in exchange rate policy. Thomas Jordan, vice-president and interim president of the SNB, defended his institution at the start of this week and said that doubts about the exchange rate policy were “unfounded”. Jordan repeated the central…

Initiative launched for guaranteed income

This content was published on Apr 12, 2012 Organisers of the initiative, launched in Bern on Thursday, consider a guaranteed income a civil right and stressed it was neither a redistribution initiative nor a call to abolish social welfare. The group, including a former senior government official and an ex-chief economist of a leading Swiss bank, has 18 months to collect at least…

Competitor cheesed off about rival on US market

This content was published on Apr 11, 2012 Le Gruyère AOC, representing more than 170 producers of the famous cheese, criticised the Emmi dairies of damaging the special origin label. The director of Gruyere AOC, Philippe Bardet, told the Swiss News Agency that Emmi dairies acted unethically, but within the law as there is no Protected Designation of Origin label in the US.…

Court rules in favour of Credit Suisse client

This content was published on Apr 11, 2012 The Swiss finance ministry said negotiations with Washington would continue to settle a dispute over banking secrecy and alleged tax dodging. In a statement issued on Wednesday, the court said that evidence of tax evasion – such as failing to declare possession of a Swiss bank account – was not reason enough for the American…

UBS wins motion to dismiss US tax case

This content was published on Apr 11, 2012 The Russian-American tycoon sued UBS in 2008, accusing the bank of fraud, conspiracy and other charges relating to the handling of some $200 million ($183 million) he kept in offshore accounts. Olenicoff claimed that UBS had wrongfully advised him that he did not have to report the accounts to the Internal Revenue Service (IRS). The…

Swiss tourists in Turkish bus crash

This content was published on Apr 11, 2012 The accident happened on Tuesday between Korkuteli and Antalya in the Mediterranean region of Turkey, an area very popular with Swiss tourists. The Swiss Air Rescue Service (Rega) sent an ambulance jet to the area on Wednesday to repatriate the injured. Two of the survivors sustained serious injuries. Switzerland’s honorary consul in Antalya is in…

Court rules in favour of Credit Suisse client

This content was published on Apr 11, 2012 Last year, the American Internal Revenue Service (IRS) filed a request for administrative assistance based on the Swiss-American double taxation convention. This was approved by Switzerland’s Federal Tax Administration (FTA). In particular it was looking for the account details of suspected tax evaders. Credit Suisse employees in the US were criticised for helping clients to…

Tax spat spares German trade relations

This content was published on Apr 10, 2012 Despite the growing friction surrounding the taxing of German fortunes held in Swiss banks and approach rights to Zurich airport, trade volume continued to grow uninterrupted in 2011. More than a quarter of Switzerland’s total international trade is with Germany: SFr98.6 billion ($107.5 billion) of SFr372 billion. This is up from SFr95 billion in 2010,…

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