Several Swiss banks pull out of US tax programme … At least 10 Swiss banks have withdrawn from a U. S. programme aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U. S. authorities in a programme brokered by the Swiss government to help the banks make amends for aiding tax evasion. “At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision,” NZZ am Sonntag said, quoting unnamed lawyers and auditors. It did not name the banks concerned. – Reuters
Dominant Social Theme: Even though the US is seeking to spread its authority around the world, its functionaries are prepared to be reasonable.
Free-Market Analysis: This article can be seen two ways. One, the US tax regime that it is trying to install in Switzerland is being resisted, at least a little.
On two, the news can be seen as a message that once its tax regime is in place, US officials are prepared to be flexible, at least on the margins.
Got a gripe? Work within the system and you may find it’s resolved “fairly.”
This post was published at The Daily Bell on September 01, 2014.