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Tax amnesty ends for undeclared EU assets

Tax amnesty ends for undeclared EU assets

Swiss owners of property abroad had until September 30 to come forward and declare it

The automatic exchange of information between Switzerland and the European Union came into effect on Monday. Owning property abroad without declaring it will no longer be possible.

The deadline of September 30 ended the possibility of coming forward voluntarily, reported Swiss public televisionexternal link, RTS, on Sunday. For latecomers who have assets outside Switzerland and who failed to declare them, doing so now can no longer be considered voluntary.

In this process, the data providers are the partner states. They had until Sunday to send notifications to the Federal Tax Administration (FTA). From Monday, the FTA will make them available to the cantonal tax authorities.

The cantons will then process the notifications and check whether the taxpayers have declared their accounts based abroad. If this is the case, there will be no consequence. In the case of shortcomings, however, individuals should expect an additional tax assessment and criminal proceedings.

Since the implementation of a Swiss tax amnesty programme in 2010, more than 90,000 tax dodgers have voluntarily announced their untaxed wealth to authorities, reported earlier this year. The law allowed individuals to avoid paying penalties on undeclared assets if they come forward themselves, although they still must pay back taxes and interest.

Full story here
About Swissinfo
SWI – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, 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.
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