Statement from the SBA regarding the Federal Law on measures to settle the tax dispute with the US

  • The SBA takes note of the decision announced today by the Swiss Federal Council. It is positive that the Federal Law offers the banks the opportunity to settle their tax-related issues in a legal and definitive manner.
  • The transfer of data from bank employees to the US is an important element thereof. The SBA has always strongly advocated that this process be constitutionally assured and that the protection of the affected employees be ensured to the extent possible. The SBA is therefore pleased that an
    agreement has been reached on the matter together with the Employers Association of Banks in Switzerland (AGV Banken) and the Swiss Bank Employees Association (SBPV). This agreement forms the basis of the Federal Law which was presented today.
  • The SBA is concerned, however, about the fact that no information whatsoever regarding the scheme that the US will offer the Swiss banks is available.
  • The size of the fine is an important criteria for the Swiss financial centre. We firmly repeat our demand that the Swiss Federal Council must continue to make every effort to find a solution that stands in proportion to the transgressions being alleged.