We don't like taxes any more than you do but this tax is considered as a favorable compromise by the Swiss banking industry. It is certainly better to have a relatively small tax paid on the interest income of some investments belonging to some clients than giving up our bank secrecy like the Cayman Islands did.

Switzerland has been under pressure to dismantle Swiss bank secrecy for about a hundred years now and has always resisted.

The last attack came from the European Union which adamantly demanded that Swiss banks give out all information about their European clients. Switzerland was once again victorious and did not change its banking secrecy one bit. However, Switzerland being entirely surrounded by the EU and that a concession had to be made.