Switzerland and Singapore are set to conclude a bilateral tax treaty incorporating international agreed standards on banking transparency within a few months, dpa quoted Swiss President Doris Leuthard as saying today. The agreement was "underway" and would be ready for signing this year, Leuthard said after a one-day working visit in Singapore. The treaty was "an important step" for the two global financial centres, she added. Following international pressure to tackle bank secrecy, last year both countries agreed to implement standards to fight cross-border tax evasion set by the Organization for Economic Cooperation and Development (OECD) in tax treaties with other countries. "We both share the view that protection of the private sphere is an important element," said Leuthard. "We work together with other countries when there is an investigation, but with clear regulations and with the OECD standards," she added.
