Saturday, August 25, 2012

It's official: Swiss admit purpose of Rubik is to kill EU transparency

The Swiss Bankers' Association has confessed explicitly to what we have been arguing all along: that the pernicious and useless Rubik tax deals it has been trying to sign with a raft of countries is designed to kill the EU's major transparency initiative. It doesn't get much bolder than this:
The EU has clear goals: She wants Switzerland to impose the automatic exchange of information and create transparent citizens. To prevent this, Switzerland has developed an independent counter-concept: the flat tax. [this is the Rubik concept.] All parties accept this solution as a long-lasting alternative to the exchange of information.

Other states will follow. For the first time ever, foreign states recognise the permanent protection of privacy of Swiss banks's clients. With a YES to the tax treaties, this model can be permanently anchored. This preserves the privacy of bank customers."
This is unambigous - and inexcusable. Inexcusable of the Swiss to be allowed to create such a wrecking-ball for transparency, and inexcusable for politicians in Britain, Germany and other states to accept it.

We have clearly demonstrated that the Rubik project will be revenue-negative for the countries that adopt it (and for many others that will be victims of it). We have directly and publicly challenged the Swiss Bankers' Association, private practitioners, Switzerland's SIF, and UK's HMRC to demonstrate how our analysis is wrong. None has succeeded.

For the avoidance of doubt, here is the German language version of what the Swiss Bankers' Association says:

Die EU hat klare Ziele: Sie will auch der Schweiz den automatischen Informa- tionsaustausch aufzwingen und den gläsernen Bürger schaffen. Um das zu verhindern, hat die Schweiz ein eigenständiges Gegenkonzept entwickelt: die Abgeltungssteuer. Alle Vertragsstaaten akzeptieren diese Lösung als dauer- hafte Alternative zum Informationsaustausch. Weitere Staaten werden fol- gen. Zum ersten Mal überhaupt anerkennen ausländische Staaten den dauer- haften Schutz der Privatsphäre der Kunden von Schweizer Banken. Mit einem JA zu den Steuerabkommen kann dieses Modell dauerhaft verankert werden. Das bewahrt die Privatsphäre der Bankkunden.


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