Switzerland to change its low tax system

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Switzerland to change its low tax systemThe EU tax commissioner Algirdas Semeta has urged the Swiss authorities to make changes to its tax system to stop European companies and individuals using tax advantages of low tax rates of the Swiss tax system. The commissioner has given to Switzerland 6 months to take an action during the EU presidency by Ireland. He stated that a special regime agreed with the EU puts some EU countries at a disadvantage. The commissioner has threatened that those EU countries will take unilateral actions against Switzerland if the Swiss tax rates do not increase. Switzerland is not the only country under the pressure. The Cayman Islands have announced a change to its financial act’s secrecy provision and agreed to disclose more information on hedge funds registered in Cayman Islands. Cayman Islands are under pressure from the EU and the USA.