Switzerland is taking an active part in the international efforts to overcome the financial crisis, as well as in the ongoing work to make the world's financial systems more resilient.  Against the background of the systemic importance of its financial sector, Switzerland has always sought to actively contribute to financial market stability.

It does so through its traditionally prudent domestic policies as well as through an active participation in all relevant regulatory bodies, and the international financial institutions.  Also, Switzerland has provided significant and timely financial contributions to these institutions.

Along with other major central banks, the Swiss National Bank has participated in coordinated efforts to provide liquidity to the financial system, and Switzerland has taken unprecedented steps to stabilize its own financial sector.  These were widely viewed as exemplary, both in design and implementation.  Furthermore, Switzerland has taken leading roles in the various workstreams of the relevant bodies on resolving the crisis.

In terms of gross domestic product, Switzerland's economy ranks among the 20 largest economies in the world.  Its financial services is a key contributor to the economy.

Like Switzerland's economy in general, the Swiss financial sector is highly open and very integrated internationally.  With Swiss banks holding almost 4 percent of the total amount of external assets and liabilities outstanding worldwide, the Swiss financial sector is in the top 10 of the global financial centres.

Several large corporations of great importance for the global financial markets are based in Switzerland and, on the other hand, around half of the total 330 banks in Switzerland are of foreign origin.

The Swiss franc is the world's fifth most important currency, as measured by the average daily trading volumn. Its share of the total trading volume has increased significantly over the past few years.

The Swiss stock exchange ranks among the 15 most important exchanges in the world.  Along with London Stock Exchange, it has the highest percentage of listed companies of foreign origin.  

Tax Jurisdictions in Switzerland
Businesses in Switzerland benefit from a history of political stability and a well-established and reliable administration of justice. The tax system also contributes to a high standard of living in Switzerland.
Each of the 26 cantons has its own tax laws regarding property, estates, income and capital gains, as well as other taxable objects. The approximately 3,000 municipalities are authorized to collect municipal taxes or to decide on additional taxes in the context of cantonal basic rates. In addition, the federal government taxes estate, and like the cantons and municipalities collects consumption taxes.

Constitutional Principles
Swiss tax legislation is distinguished by the following guiding principles embodied in the Federal Constitution:

• Equality Before the Law
• Economic Freedom
• Right to Property
• Freedom of Religion and Conscience
• The Prohibition of Intercantonal Double Taxation
• The Prohibition of Unjustified Tax Advantages

In the Swiss tax system, the citizen has a voice in deciding which taxes may be collected. In most cases, the people also have a say in setting the tax rates.
In an international comparison, Switzerland has relatively low taxes. That said, there are considerable tax burden differences within its borders, especially with regard to income, corporate and property taxes, but less so with respect to consumption taxes. For the most part, the consumption taxes are collected by the federal government, and there is no regional variation in these tax rates.

International Double Taxation Conventions
Switzerland has entered into double taxation conventions with more than sixty countries including Singapore. There are two methods for the avoidance of double taxation: the progression method and the deduction method. In the progression method, the country of residence does not tax income earned in the source country; in the deduction method, both countries can levy taxes, with the country of residence deducting the source country tax from its tax.