Switzerland Lays Out US Tax Deal, in Bid to Protect $2 Trillion Industry

Switzerland proposes a bill that would lay legal basis for the country’s banks to resolve tax evasion disputes with the U.S.

According to a Reuters report, the Swiss finance department indicated that the government was proposing a legislation to be rushed through parliament in the summer session in June.

The government-brokered settlement has reportedly been reached. However, the Swiss government has to ensure that the deal doesn’t jeopardize the country’s reputation of keeping bank secrecy.