Private Bankers Demand Tax Breaks On Criminal Fines

Private Bankers Demand Tax Breaks On Criminal Fines by Matthew Allen, SwissInfo.ch

Should Swiss taxpayers foot part of the bill for the criminal misbehaviour of companies? Private bankers believe that billions of francs in fines imposed by other countries for tax evasion offences should be tax deductible.

The reason? Swiss banks should not be responsible for upholding the laws of foreign countries.

Starting with a $780 million fine for UBS in 2009, the United States alone has hit more than 80 Swiss banks with penalties totalling well over $5 billion. More financial sanctions are expected, not just from the US but from France, Belgium and other countries.

With the bill stacking up, the Swiss cabinet drew up a draft law that...