Switzerland gives way in tax dispute with US

The Swiss parliament on Monday approved an amendment to its double taxation agreement with the US which allows so-called group requests in cases of suspected tax evasion. Switzerland has bowed to pressure and put its treaty with the US before bilateral agreements with EU states, the liberal daily Corriere del Ticino admonishes: "We shouldn't deceive ourselves. Switzerland has gone on the defensive and is simply trying to limit the damage now. The mistakes of certain Swiss banks have seriously weakened the country's position. A major reduction in the retail banking activities of Swiss banks in the US is foreseeable. But the Americans are not Switzerland's main customers in this sector. From this perspective the tax agreements with the EU are far more important. If Berlin and London adhere to the bilateral agreements in the end the EU will either negotiate with Bern to this effect or leave it to the individual countries to negotiate bilateral agreements." 

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