The Federal Council of Switzerland has agreed to plans for reconciling the Confederation’s tax conflict with the US. The Council of the Federal Finance Department has established a mutual statement designed to draw a line under past dispute over the role Swiss banks has played to accommodate US clients for avoiding their US tax requirements. This would enable some cooperation between the banks and the US so a specific amount of information could be passed to the US authorities. The Swiss National Council has confirmed that the text of the mutual statement will be released as early as the US signs the document.
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