Saturday , November 2 2024
Home / SNB & CHF / US ratifies double-taxation deal with Switzerland

US ratifies double-taxation deal with Switzerland

Summary:
US Senator Rand Paul had managed to block the agreement for 10 years. The United States Senate on Wednesday ratified a double-taxation agreement (DTA) with Switzerland, ending years of stalemate. The agreement, which required two-thirds of votes, was accepted by a large majority, according to the US Senate websiteexternal link. This accord, designed to meet international standards on the exchange of bank data, had been blocked for ten years by one US Senator. Rand Paul of the Republican Party fought against the DTA, which had already been signed in 2009, on grounds that it violated privacy. According to the Senate’s rules, an individual member of parliament can prevent a bill from being discussed by the entire

Topics:
Swissinfo considers the following as important: , , , , ,

This could be interesting, too:

Guillermo Alcala writes USD/CHF slides to test 0.8645 support with US inflation data on tap

Swissinfo writes Swiss central bank posts CHF62.5bn profit

Nachrichten Ticker - www.finanzen.ch writes Trump-Faktor und Marktbedingungen könnten für neuen Bitcoin-Rekord sorgen

Charles Hugh Smith writes Is Social Media Actually “Media,” Or Is It Something Else?

US ratifies double-taxation deal with Switzerland

US Senator Rand Paul had managed to block the agreement for 10 years.

The United States Senate on Wednesday ratified a double-taxation agreement (DTA) with Switzerland, ending years of stalemate.

The agreement, which required two-thirds of votes, was accepted by a large majority, according to the US Senate websiteexternal link.

This accord, designed to meet international standards on the exchange of bank data, had been blocked for ten years by one US Senator. Rand Paul of the Republican Party fought against the DTA, which had already been signed in 2009, on grounds that it violated privacy. According to the Senate’s rules, an individual member of parliament can prevent a bill from being discussed by the entire House.

Mitch McConnell, the Republican majority leader in the Senate, found a loophole for the vote on Wednesday, according to Swiss television SRF.  The agreement makes it easier for the Americans to obtain information from the Swiss authorities if they suspect tax evasion.

On a visit to the US in April this year, Swiss President Ueli Mauer expressed optimism that the blockage would soon be lifted. He also said the agreement would need to be re-submitted to the Swiss parliament because of the amount of time that had lapsed from when it was first approved.

As well as the DTA with Switzerland, the US Senate on Wednesday also ratified agreements with Japan and Luxembourg, which had also been blocked for years. These agreements will promote trade with trading partners, attract foreign investors and combat tax evasion through the exchange of information, Democratic Senator Ron Wyden told Reuters.


Tags: ,,,,
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

Leave a Reply

Your email address will not be published. Required fields are marked *