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Hopes of tax talks after US election
Source: Agencies |
November 12, 2012, Monday
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Print Edition
Print Edition
SWITZERLAND hopes to restart talks with the US over a long-simmering tax dispute following the re-election of president Obama, its economy minister was quoted as saying yesterday.
Switzerland is trying to reach a deal to end investigations by US tax authorities into 11 banks, including Credit Suisse and Julius Baer, which are suspected of helping clients dodge US taxes with the help of offshore bank accounts.
It needs the tax deal so that it can normalize its banking relations with the US and wants the investigations dropped in return for the payment of hefty fines by the Swiss banks and the transfer of names of thousands of US clients.
"We are seeking clarification quickly," Johann Schneider-Ammann told the Zentralschweiz am Sonntag newspaper. "The situation has been blocked recently. That must now change."
The talks had stalled in the run-up to the US election, and finance minister Eveline Widmer-Schlumpf has suggested the ball is firmly in the US court.
Switzerland is trying to reach a deal to end investigations by US tax authorities into 11 banks, including Credit Suisse and Julius Baer, which are suspected of helping clients dodge US taxes with the help of offshore bank accounts.
It needs the tax deal so that it can normalize its banking relations with the US and wants the investigations dropped in return for the payment of hefty fines by the Swiss banks and the transfer of names of thousands of US clients.
"We are seeking clarification quickly," Johann Schneider-Ammann told the Zentralschweiz am Sonntag newspaper. "The situation has been blocked recently. That must now change."
The talks had stalled in the run-up to the US election, and finance minister Eveline Widmer-Schlumpf has suggested the ball is firmly in the US court.
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