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The U.S. Tax Program for Swiss Banks: What Determined the Penalties?

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  • Lengwiler, Yvan
  • Saljihaj, Albana

Abstract

The U.S. Tax Program for Swiss Banks is a very significant part of the recent history of the Swiss financial industry. It has accelerated the transformation of the Swiss banking industry from a system that relied on bank secrecy to a much more compliant one. It was also rather costly for the banks involved. This short paper tries to identify the determinants of the individual penalties that were levied by the DoJ.

Suggested Citation

  • Lengwiler, Yvan & Saljihaj, Albana, 2018. "The U.S. Tax Program for Swiss Banks: What Determined the Penalties?," Working papers 2018/20, Faculty of Business and Economics - University of Basel.
    • Handle: RePEc:bsl:wpaper:2018/20
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    References listed on IDEAS

    as
    1. François-Xavier Delaloye & Michel Habib & Alexandre Ziegler, 2012. "Swiss banking secrecy: the stock market evidence," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 26(1), pages 143-176, March.
    2. Patrick Emmenegger, 2017. "Swiss banking secrecy and the problem of international cooperation in tax matters: A nut too hard to crack?," Regulation & Governance, John Wiley & Sons, vol. 11(1), pages 24-40, March.
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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