Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • Exclusive: Fabius warns of further sanctions against Russia

    Read more

  • Experimental Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • IMF stands behind Lagarde amid French corruption probe

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Chelsea’s Torres set for AC Milan switch

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • France shines in IMF list of world’s promising economists

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

  • First case of Ebola confirmed in Senegal

    Read more

  • Obama has 'no strategy yet' on potential Syria strikes

    Read more

  • Netflix to woo French with ‘House of Cards’ set in Marseille

    Read more

  • French businesses ‘hoping for a new Thatcher’

    Read more

  • Syrian refugees surpass 3 million, UN says

    Read more

  • West backs Ukrainian claims of Russian incursion

    Read more

  • Libyan PM resigns as Islamists set up rival administration

    Read more

  • UN says 43 peacekeepers captured in Golan Heights

    Read more

  • The deleted tweets of Manuel Valls

    Read more

  • Peru seizes record 6.5 tonnes of Europe-bound cocaine

    Read more

Business

Switzerland plans to hit back at OECD

Latest update : 2009-04-13

Angry at being placed on the OECD's 'grey list' of tax havens drawn up at the G20 summit, Switzerland is reportedly planning further retaliatory measures, such as delaying payment of its membership fee.

AFP - Switzerland is considering further measures against the OECD in the row over how much the country is doing to reform its policy on tax havens, media reports said Sunday.

The Neue Zuercher Zeitung (NZZ) quoted Swiss officials as saying they might block progress in cooperation with China, India and other emerging countries in protest against being placed on the OECD's "grey list".

On Wednesday Switzerland blocked a payment of 136,000 euros (180,000 dollars) to the OECD, a 30-member organisation of major industrialised countries.

Officials were now considering delaying their membership subscription of 10 million Swiss francs (8.65 million dollars) or blocking the 2011 reelection of OECD secretary general Angel Gurria, the paper reported.

The federal finance ministry could not be reached for comment.

But Interior Minister Pascal Couchepin told Sonntag, another Sunday paper, that it was not up to the OECD to act as a "restaurant guide" on the issue.

On April 2, the Organisation for Economic Cooperation and Development (OECD) released a "grey list" of countries that "have committed to the internationally agreed tax standard, but have not yet substantially implemented" the measures.

Swiss politicians were furious to find their country on the list even though it had announced measures to relax its tax secrecy laws.

On Thursday Gurria said that the first contacts with Switzerland on tax issues had taken place in October 2008.

"The OECD acted in good faith and duly shared its information with the representatives of the countries concerned," he said in a letter to the president of the Swiss confederation.

Switzerland had so far "not signed a single agreement on the exchange of tax information in conformity with OECD standards", he added.

Date created : 2009-04-13

COMMENT(S)