Tax agreement between Switzerland and the United States signed

On 29 August, 2013, Switzerland and the United States signed a joint statement that puts end to the prolonged tax dispute between Swiss banks and the US authorities. The two countries found an understanding respecting Switzerland’s legal system and sovereignty.

Banks that decide to participate in the US programme will have to ask the Federal Council for individual authorisation. However, this authorisation does not apply to client date, which can be provided only within the scope of administrative assistance based on the double taxation agreement.

The US program is open to all Swiss Banks, excluding those banks that are the target of criminal investigation by the US authorities. Banks that have good reasons to believe that they have violated US tax law may request a non-prosecution agreement from the US authorities, but they have to pay a fine, that will be in relation to the volume of untaxed US assets they hold.

The Swiss Parliament expressed its intention for the Federal Council to take all the measures at its disposal within the scope of Swiss law to allow banks to cooperate with the US Department of Justice.

#exchangeofinformation #banksecrecy #switzerland #usa #transparency

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