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Commodities Briefing - Categorized | Financial, Trading more

No tax guarantee from commodity trading hub Geneva

Posted on 10 July 2013

The Swiss canton of Geneva, pressured by EU demands to end tax breaks, cannot guarantee its proposal for a tax compromise will get through, its finance minister said, even though trading houses said less attractive conditions could drive them away.
In April the co-owner of Gunvor, Gennady Timchenko, said it could move to Singapore, a rival commodity trading hub, if Switzerland became less attractive. Geneva is the hub for a third of the world’s physical oil traded volumes, according to the Geneva Trading and Shipping Association. For Switzerland as a whole, the commodity sector accounts for around 3.5 per cent of gross domestic product and employs around 10,000 people………………………………………..Full Article: Source


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