Swiss to Unveil Proposal for Banks to Cooperate With U.S. to Solve Tax Disputes

The Swiss Federal Council on June 21 commissioned the Federal Department of Finance (FDF) to present a "solution" on June 26 or a week later to allow Swiss banks to cooperate with U.S. authorities to resolve outstanding tax disputes without breaking domestic bank secrecy laws, an FDF spokeswoman confirmed to Tax Analysts.
The proposal, which will be crafted "in the context of current Swiss law," comes in response to the lower house of parliament's failure to pass a Swiss bill authorizing banks to negotiate deals with the U.S. Department of Justice to facilitate the disclosure of information about business relationships with U.S. taxpayers suspected of tax evasion.

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