A family owned Swiss private bank which turns over just under CHF 34 million a year has been ordered to pay an astronomical tax bill it had been arguing against for seven years.
Bank Eric Sturdza has been forced to pay a CHF 36.8 million (£31.2 million) bill after losing an appeal brought against it by the Geneva tax authorities to Switzerland’s highest court.
The bill meant the bank posted a loss of CHF 35.9 million for 2019. Otherwise, it made a small operating profit of CHF 777,000.
The tax authorities had objected to the way in which the bank had outsourced business to its Guernsey-based subsidiary EI S...
