Europäische Steuerkoordination und die Schweiz

Even though the introduction of the Euro did not necessitate tax harmonization per se, it is expected to lead to increasingly harmonized taxation in practice. This harmonization process will mainly take the form of negotiations on the level of EMU, where political recommendations will be formulated. In addition, individual nations will be under increasing pressure to harmonize taxes in order to curb capital outflow and tax evasion. Judging from the current state of EU negotiations, corporate taxes are likely to decline in the wake of the harmonization process, while withholding taxes may be adjusted upwards. VAT rates harmonization will likely be upwards as well. Further implementation of the source principle in Swiss taxation will likely lead to changes in the portfolio choices of foreign investors in Switzerland; the share of Swiss bonds held by EU-investors will increase.