Parliament agrees to align with OECD tax transparency rules
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation.
This content was published on
2 minutes
swissinfo.ch/urs
Following several rounds of discussions, both chambers on Wednesday agreed to abolish so-called bearer shares which can be used to help owners to dodge taxes by hiding their identities.
The reform foresees that bearer shares will be converted into registered name shares within 18 months. Exceptions are allowed for listed companies.
He added that further legal amendments might become inevitable a few years from now to ensure Switzerland stays in line with international rules on transparency and the exchange of tax information.
The government had tried since 2005 to convince parliament to adapt Swiss law, while in 2015 the OECD said it considered Swiss attempts to tighten rules on bearer shares insufficient.
However, parliament on Wednesday also threw out a proposal to grant legal assistance in cases of stolen tax data. It was argued that Swiss jurisdiction was adequate to handle international requests.
Limited impact
Peter V. Kunz, professor of economic law at Bern University, has downplayed the impact of scrapping bearer shares in Switzerland.
He told the Swiss news agency, Keystone-SDA, that the move is a relatively minor step, as most companies only issue named shares.
Kunz also said the elimination of bearer shares would not really help in the fight against money laundering or tax evasion.
“This is mere window dressing. There are enough other possibilities to launder money without using bearer shares,” he is quoted as saying.
Though most of major firms only issue named shares, it’s nevertheless estimated that tens of thousands of other Swiss companies will be affected by the reform.
The move comes ten years after Switzerland was forced to dismantle banking secrecy by agreeing to send information about customers’ accounts to foreign tax agencies.
More
More
Swiss say goodbye to banking secrecy
This content was published on
The international convention on the automatic sharing of banking information entered into force on January 1.
OECD: Sluggish economic activity slowing growth in Switzerland
This content was published on
Sluggish economic activity at the start of the year is weighing on growth in Switzerland, with GDP expected to fall to 1.1% in 2024.
Report finds mistakes which led to Swiss government data breach
This content was published on
Mistakes were made by both the government and internet company Xplain in the case of a criminal cyber-attack on the Bern-based IT business.
Swiss government wants better gender balance in federal administration
This content was published on
New Swiss government personnel management targets say there must be even more female managers in the federal administration.
Swiss national science foundation funded over 5,000 projects in 2023
This content was published on
In 2023, the Swiss National Science Foundation (SNSF) provided a total of CHF961 million worth of funding towards research projects.
Switzerland invites 160 delegations to June Ukraine peace talks
This content was published on
Russia is currently not among the delegations invited to talks aimed at helping bring about peace in the conflict between Moscow and Ukraine.
Survey: air travel most popular way to go on holidays for Swiss
This content was published on
Despite the climate crisis, flying is the most popular mode of transport for private travel – particularly among young, urban and high-income travellers.
Swiss government to use phone data to identify asylum seekers
This content was published on
From April 2025, authorities plan to be able to analyse data from mobile phones, computers and other data carriers to identify asylum seekers.
Young undocumented migrants gain easier access to vocational training
This content was published on
Rejected asylum-seekers and young undocumented migrants in Switzerland will have easier access to basic vocational training from June 1.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland hosts meeting on tax transparency
This content was published on
The five-day gathering of the Global Forum peer review group is to examine the implementation of so-called group requests and the issue of the identification of beneficial owners, according to the State Secretariat for International Financial Matters. “This meeting confirms that Switzerland supports the efforts of the international community regarding tax transparency,” the statement says.…
This content was published on
“It’s already clear that Switzerland is a favourite whipping boy internationally,” says Peter V. Kunz, professor of economic law and comparative law at the University of Bern. “It has made considerable progress in certain areas in recent years, but because progress is slower than in other countries, the finger is still being pointed at Switzerland,”…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.