No Payment Agreed in Swiss Tax Investigation

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While the government investigates 11 Swiss banks in its ongoing crackdown on tax evasion, the Swiss government has said no payment has been fixed or agreed upon in settlement of this issue. However, the Swiss have reiterated their support of any US initiative by handing over personal details of banking clients.

Two years ago, Swiss bank UBS paid the US government $780 million in fines to escape legal proceedings over its role in helping US clients evade taxes and handed over personal details of over 4,400 of its clients suspected of tax evasion. This time, another 11 Swiss banks are under investigation including Credit Suisse, Basler Kantonalbank and Julius Baer.

The Swiss government has held talks with the IRS over the last few months aimed at hammering out a deal similar to that of UBS two years ago. Mario Tuor, spokesman for the Swiss government department responsible for international financial affairs said that under the existing double taxation treaty, transfer of names and personal banking details could be done as part of a deal to resolve the issue.

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