Bloomberg News

Swatch Transfers Tax-Saving Company to Switzerland, HZ Reports

November 23, 2011

Nov. 23 (Bloomberg) -- Swatch Group AG will transfer a tax- saving company from Portugal to Switzerland, Handelszeitung reported, citing spokeswoman Beatrice Howald.

“All activities of Swatch Group Europa - Sociedade Unipessoal will be pooled and continued in Switzerland,” Howald was quoted as saying in a pre-release of an article to be published tomorrow.

Swatch has been booking most of its European business in Madeira, Portugal, paying no taxes and making it the second- largest exporter of the island, Handelszeitung said, without saying where it got the information.

--Editor: Matthias Wabl

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net -0- Nov/23/2011 17:47 GMT


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