10.07.2013 - No tax guarantee from commodity trading hub Geneva
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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