CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Swiss Discuss Banking Sector Tax Disputes With The US

Swiss Discuss Banking Sector Tax Disputes With The US

by Ulrika Lomas, Tax-News.com, Brussels

13 May 2014


Swiss Federal Councillor Eveline Widmer-Schlumpf has met for talks in Washington with US Attorney General Eric Holder to discuss the US tax dispute settlement program for category two, three, and four banks, as well as the ongoing US criminal investigations into category one banks domiciled in Switzerland.

Swiss banks under criminal investigation in the US for alleged tax-related offences that are seeking a Deferred Prosecution Agreement are known as category one banks, while those seeking non-prosecution agreements, who have reason to believe they may have committed a tax offence and may therefore face a penalty, are category two. Meanwhile, banks that have not committed an offence can apply as category three, and banks deemed compliant and with a local client base are category four.

The Swiss Federal Department of Finance said it did not wish to comment on the ongoing proceedings involving group one banks, but noted that the US tax dispute settlement program for category two, three, and four banks is going "according to plan."

The FDF added: "Switzerland is committed to ensuring with the US authorities a fair and balanced procedure in accordance with the principle of proportionality in order to prevent Swiss banks from being treated worse than other banks."

TAGS: compliance | Finance | tax | business | tax compliance | tax avoidance | law | banking | international financial centres (IFC) | enforcement | offshore | agreements | offshore banking | Switzerland

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »