ECONOMY

Greece, Switzerland sign additional tax protocol

An additional protocol signed on Thursday between Greek Finance Minister Yannis Stournaras and Swiss Ambassador to Athens Lorenzo Amberg seeks to avoid double taxation for income tax between the two countries. A first protocol was signed in November 2010.

Greece has asked the Swiss government to relaunch a mechanism through which Greeks with Swiss bank accounts will be taxed after data released by the country?s central bank revealed a large outflow of deposits abroad.

Following the signing of the agreement Stournaras stated that the accord was a first step regarding the exchange of information before the two countries move onto broader agreements in view of greater transparency and social justice.

Ambassador Amberg noted that the agreement was a major step toward closer collaboration between the two nations on taxation issues.