Finance Minister Keller-Sutter meets her colleague Bruno Le Maire.
Published: Friday, Oct 27th 2023, 15:12
Updated At: Saturday, Oct 28th 2023, 01:55
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France and Switzerland have announced their intention to strengthen their economic and financial ties. This was announced by Swiss Finance Minister Karin Keller-Sutter after her meeting with her French counterpart Bruno Le Maire on Friday in Paris. This was the first high-level visit of a Swiss government member to France since the controversy over the non-purchase of the French Rafale fighter jets more than two years ago.
I sense that there is a strong desire to restart and significantly intensify the cooperation between the two countries in financial and economic matters.
After the meeting with Le Maire, she emphasized the "good relations" she had built with her counterpart in the Finance Department since taking office in early 2023. The two had exchanged particularly during the Credit Suisse crisis in the spring. "We have agreed to meet in Switzerland next year," Keller-Sutter added.
Switzerland can contribute its own experiences to the international assessment of the Too-big-to-fail regulatory framework for globally systemically important banks, according to the Swiss Federal Department of Finance (FDF) on Friday afternoon. Federal Councillor Karin Keller-Sutter said that the stability of financial markets is an important topic, and that Switzerland can provide valuable insights into this area.
No progress has been made on inheritance tax.
At the meeting, Keller-Sutter and Le Maire also discussed EU topics such as market access for financial services providers from third countries, according to the EFD. Tax issues were also discussed, such as the entry into force of the minimum tax of 15 percent for international companies. Le Maire confirmed France's willingness to apply this tax from January 1st. "We want to have the same timeline as the European countries," Keller-Sutter said.
The Swiss Federal Councilor, Viola Amherd, and the Swiss Federal Councilor, Karin Keller-Sutter, discussed the taxation of cross-border workers, particularly those working remotely, at their meeting today. Keller-Sutter informed her colleague of the federal government's timeline. "We will be forwarding the message to Parliament in the coming weeks," she said. If the agreement is accepted, she wants it to come into force by the end of next year or early 2025.
There was little progress on the double inheritance tax. The topic was discussed, but "Mr. Le Maire is very reserved," Keller-Sutter said. "I think France does not want to take up the issue again so quickly for internal political reasons," she added. Since the beginning of 2015, there has been no double taxation agreement between Switzerland and France regarding inheritances.
Relationships characterized by turbulence.
For the past year, relations between Switzerland and France have been gradually normalizing. Previously, they had been marked by turbulence. In 2021, Switzerland dealt a blow to France by not purchasing the French combat jet Rafale and burying the framework agreement with the EU.
The former Swiss Federal President Ignazio Cassis and the current Federal President Alain Berset have both held talks with the French President Emmanuel Macron. The latter is expected to visit Switzerland in mid-November for a state visit.
France is the fifth most important trading partner of Switzerland according to the EFD. In 2022, the two countries exchanged goods and services worth nearly 60 billion Swiss francs. Over 1300 Swiss companies are active in France, employing more than 300,000 people there.
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