WBrief: Switz creates secretary for global tax and finance - Spear's Magazine

WBrief: Switz creates secretary for global tax and finance

The Swiss Federal Council has appointed Michael Ambühl as state secretary for international financial and tax matters within the Federal Department of Finance, and Alexander Karrer as deputy state secretary.

The Swiss Federal Council has appointed Michael Ambühl as state secretary for international financial and tax matters within the Federal Department of Finance, and Alexander Karrer as deputy state secretary.

The newly-created State Secretariat will be responsible for the coordination and strategic management of international financial, monetary and tax matters, and will reinforce Switzerland’s international position in financial and tax matters, the department said in a statement.

The appointment comes at a time when Switzerland’s banking industry, which generates about 13 per cent of the country’s gross domestic product, has come under intense pressure from foreign governments attempting to breach historic Swiss bank secrecy laws in their hunt for alleged tax dodgers. Developments have raised concerns that the Swiss government and banking sector needs to be more effective in making its case on the international stage.

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