Swiss bankers lobby backs plan to end US tax dispute
ZURICH (REUTERS) - The Swiss Bankers Association (SBA) has backed a blueprint for an agreement between Switzerland and the United States aimed at ending a long-running tax dispute, an SBA spokeswoman said.
The Swiss government is keen to end the dispute in which US authorities have fined two Swiss banks for helping wealthy Americans evade tax and are investigating another dozen, while many more face probes for similar transgressions.
The latest proposal deals mainly with a settlement for the roughly 100 Swiss banks that had US clients, but are not yet being investigated by US justice authorities.
According to Swiss daily Tages-Anzeiger, these banks may face fines of 20 to 50 per cent of the assets they are suspected of helping US citizens to hide from tax authorities.