At the end of 2016, the Federal Council sent to the Swiss Parliament a draft federal law about the tax treatment of financial penalties. This draft is now in the hands of the Economic Affairs and Taxation Committee of the Council of States. The Association of Swiss Private Banks (ASPB) wants to shed light on the non-deductibility of penal sanctions. According to the ASPB, this measure can only have meaning in a purely Swiss context, since foreign penalties go against the Swiss legal system.

In the NZZ, the President of the Association of Swiss Private Banks (ASPB), Yves Mirabaud, reminds that the ASPB has a neutral stance with respect to the initiative "Yes to the protection of privacy" and its counterproposal. According to him, Swiss citizens rather than banks should express their preference. Without a vote, the future of banking secrecy in Switzerland may be drafted in the wrong direction.

The members of the Association of Swiss Private Banks (ASPB) are Swiss private banks active mainly in private and institutional asset management, and regulated by the Federal Law on Banks and Savings Banks of 8 November 1932.

©2017. Association of Swiss Private Banks. All rights reserved.

If you want to cancel your subscription