22/01/2007
NEWS STORY
A change to the legislation in Switzerland could mean bad news for Michael Schumacher and numerous other wealthy individuals who moved there due the country's tax system.
Previously, foreigners, unlike Swiss-born residents, did not need to declare their income or assets, their tax liability being based on their rent or mortgage.
However, following strong reaction to French singer Johnny Hallyday's move to Switzerland, anger from both Switzerland and France looks like forcing a change in the law.
Finance ministers from the 26 cantons met in Berne on Friday to discuss plans to revise the current system. It's thought that if the changes go ahead, tax bills for Michael and friends could more than double.
All together now... ah!