Bloomberg News

Switzerland, Italy May Reach Tax Deal in Months, Widmer Says

June 12, 2012

Italy's Prime Minister Mario Monti

Italy's Prime Minister Mario Monti, right, gestures as he greets Switzerland's President and Finance Minister Eveline Widmer-Schlumpf, ahead of their meeting at the Chigi palace in Rome. Fighting evasion is a “priority,” he said today at a press conference in Rome. Photographer: Alberto Pizzoli/AFP/Getty Images

Switzerland aims to reach an agreement on tax and financial negotiations with Italy within the next few months, Swiss President and Finance Minister Eveline Widmer-Schlumpf said.

“We agreed on the need to press ahead with tax and financial negotiations between our countries in order to reach a solution within the next few months,” Widmer-Schlumpf told reporters at a joint briefing with Italian Prime Minister Mario Monti in Rome today. “Switzerland wants to be a strong financial center with no undeclared money.”

Switzerland has already clinched deals with Germany, the U.K. and Austria to rid itself of its image as a haven for untaxed assets. The accords came after the Swiss government agreed in March 2009 to meet international standards to avoid being blacklisted as a tax haven by the Organisation for Economic Cooperation and Development. The country struck a tax accord with Italy in 2001, while attempts to agree on a revision failed in 2009.

Monti and his Swiss counterpart held talks on resolving differences on double taxation and sharing information to fight tax evasion, the Italian premier said. He added that fighting evasion is a “priority,” for his government.

The two countries are seeking to reach an agreement to deal with double taxation, information sharing on potential evaders and other fiscal issues, according to Widmer-Schlumpf.

-- Editors: Simone Meier, Fergal O’Brien

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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