Switzerland and Italy agree on dialogue on financial and tax issues

The Federal Department of Finance (FDF) and the Italian Ministry of Economy and Finance have announced that a working meeting will soon take place

During talks held today, State Secretary Michael Ambühl, Head of the State Secretariat for International Financial Matters (SIF), and Ambassador Carlo Baldocci, Diplomatic Adviser to the Italian Ministry of Economy and Finance, discussed various financial and tax issues. Also in light of the recent developments in the European Union, their discussions included the model for an agreement on the regularisation of assets held in Switzerland by non-resident taxpayers and the introduction of a withholding tax on future investment income, as well as access to financial markets, existing black lists, the revision of the double taxation agreement (also with reference to the exchange of information) and the agreement regarding the taxation of cross-border commuters.

The parties have agreed to create a steering group which is to work towards resolving the pending financial and tax issues. It is scheduled to meet for the first time on 24 May 2012.

The parties noted with satisfaction that the issue of the outstanding payment of the retrocession for cross-border commuters has been resolved and the payment order in favour of Italy has been issued.