Switzerland might find a compromise in a tax row with the United States, which could be settled with fines for the banks and the transfer of client data, and negotiations with Italy are also progressing, two newspapers reported on Saturday.
Switzerland's top tax negotiator Michael Ambuehl informed the 10 Swiss banks suspected by US authorities of helping US citizens to dodge taxes that the US would accept to settle the dispute if the banks paid a heavy fine and delivered some client data, Swiss newspaper Tages-Anzeiger reported.
The amount of the fine had not been decided, the newspaper said. Media have reported a possible fine could amount to about 2 billion francs. The number of client names that would have to be transferred is also still being negotiated but could be somewhere between 1,000 and 10,000 names, Tages-Anzeiger said.
Mario Tuor, a spokesman for the Swiss department for international financial affairs, confirmed talks between Ambuehl and the US authorities but declined to give further details. Newspapers reported two weeks ago the United States had given an ultimatum to Switzerland, saying Credit Suisse and nine other banks could face charges unless detailed information on US tax evaders using Swiss accounts was handed over. Swiss newspaper NZZ reported on Saturday Italian parliamentarians had signalled to their Swiss counterparts the Italian government could be ready to negotiate on a tax deal.
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