Swiss hurry tax treaties to get off G-20 ‘grey list’

Switzerland is rushing to sign an additional tax information deal to secure its removal from a tax haven list later on Thursday, when a meeting of the Group of 20 nations starts.

A Swiss diplomatic source said the government planned to sign a 12th double-taxation treaty, fulfilling conditions for being be taken off the international tax haven list drafted by the Organisation of Economic Cooperation & Development. “This is the plan,” the source said.

G-20 leaders agreed to name and shame offshore centres that did not cooperate on tax evasion in April and threatened them with sanctions.

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China will politely resist Obama's G-20 proposal

China will find it hard to object to US President Barack Obama's drive for a more balanced global economy at a G-20 summit this week, but will resist any sweeping reforms that risk checking its headlong growth.

US calls for exporting nations to consume more will shift the spotlight back toward China's managed currency regime and whopping trade surplus after a year in which these were put to one side, displaced by the imperative of recovering from the global financial crisis.

That the United States is ready to put pressure on Beijing became clear this month when, for the first time since time since China joined the World Trade Organisation in 2001,it invoked a "special safeguard" clause to slap duties on Chinese-made tires

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