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Swiss Federal Finance Dept Acknowledges US Tax Proposals,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, January 21, 2010
The Swiss Federal Department of Finance (FDF)
has taken note of the US proposal to introduce a special tax on the largest
financial institutions.
The FDF aims to analyze the draft legislation from the US Treasury Department
as soon as this becomes available, following approval by the US Congress.
In a bid to recover state funds allocated in assisting financial institutions,
the US is proposing the introduction of a so-called Financial Crisis Responsibility
Fee. According to the FDF, the US Treasury Department is seeking coordination
between the most important financial centers, and has approached the FDF with
this concern.
According to the FDF: “In contrast to the US, there were no losses in
Switzerland for the Confederation resulting from its investment in UBS. In fact
its holding was able to be sold making a profit of CHF1.2bn (USD1.15bn). Up to now, the
Swiss National Bank (SNB) has also not suffered any uncovered losses on its
loan to the StabFund. In addition, the resources utilized for the economic stabilization
measures remained within the scope of the debt brake. For fiscal reasons this
is why a tax of this nature is not required in Switzerland.”
It also notes: “The USA is also planning to introduce a special
tax with regard to cushioning in the 'too big to fail' issue. On this
point, the Federal Council appointed an expert committee in November 2009.”
“It still remains to be seen what impact the US special tax will have
on the big Swiss banks with subsidiaries in the USA,” it concluded.
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