Switzerland Nets Billions From Tax Evaders
Swiss taxpayers have eagerly responded to the offer to make voluntary declarations of assets. Which turned out to be a very welcome source of income for the local tax authorities.
Swiss tax evaders have been able to report untaxed assets since 2010, without having to worry about legal repercussions. A total of 138,092 people have used the opportunity granted by the government, according to a report by newspaper «Sonntagsblick». The total amount declared was 44.2 billion Swiss francs ($44.5 billion).
In consequence, the Swiss state – federal, cantonal and local authorities taken together – received more than 3.8 billion francs in extra tax payments. Apart from the offer of making a denouncement without facing legal repercussions, the taxpayers also seemed concerned about the implications of the introduction of the Automatic Exchange of Information.
