The case
According to information published in today’s NZZ CHF 40 to 50 billion in undeclared assets have been reported to tax authorities in Switzerland over the last nine years. Since the implementation of a Swiss tax amnesty programme in 2010, between 100,000 to 150’000 tax dodgers have spontaneously announced their untaxed wealth to authorities. The law allows individuals to avoid paying penalties on undeclared assets if they come forward themselves, although they still must pay back taxes and interest.
The commentary
According to statistics, there were more than 5.2 million individuals paying taxes in 2015. These had declared a total net worth of nearly CHF 1800 billion. Since 2010 the total of self-declarations amounts 2 to 3 percent of taxpayers and their declared assets.
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