A Swiss parliamentary commission on Thursday recommended lawmakers back a proposal clarifying how Switzerland would hand over data on wealthy Americans suspected of cheating and dodging taxes at home. The proposal is designed to reinforce a double tax pact already reached between Switzerland and the US, and to end a long-simmering dispute over to what extent Switzerland will hand over bank client data to US tax officials.
The backing is not binding for lawmakers, but indicates that parliament will also approve the proposals. The Swiss government is hoping both houses of parliament will address them before year-end. The proposal represents the Swiss government's attempt to avoid a lengthy court fight by Swiss bank clients seeking to protect their identity and has implications for an ongoing US probe into banks. Basler Kantonalbank, Credit Suisse and Julius Baer are among 11 Swiss banks under investigation in connection with allegations they helped Americans dodge taxes.
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