The U.S. Tax Program for Swiss banks: what determined the penalties?
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 th...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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SpringerOpen
2018-12-01
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| Series: | Swiss Journal of Economics and Statistics |
| Subjects: | |
| Online Access: | http://link.springer.com/article/10.1186/s41937-018-0024-0 |
| _version_ | 1828187215084126208 |
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| author | Yvan Lengwiler Albana Saljihaj |
| author_facet | Yvan Lengwiler Albana Saljihaj |
| author_sort | Yvan Lengwiler |
| collection | DOAJ |
| description | 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. We find that U.S. assets under management is the most important determinant. However, the average size of the accounts, the behavior of the bank vis-à-vis its American clients, the solvency of the bank, and the point in time when the bank settled with the DoJ also matter. |
| first_indexed | 2024-04-12T07:32:04Z |
| format | Article |
| id | doaj.art-09d967d575af48a1a2780c34ec940b02 |
| institution | Directory Open Access Journal |
| issn | 2235-6282 |
| language | English |
| last_indexed | 2024-04-12T07:32:04Z |
| publishDate | 2018-12-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Swiss Journal of Economics and Statistics |
| spelling | doaj.art-09d967d575af48a1a2780c34ec940b022022-12-22T03:42:02ZengSpringerOpenSwiss Journal of Economics and Statistics2235-62822018-12-01154111210.1186/s41937-018-0024-0The U.S. Tax Program for Swiss banks: what determined the penalties?Yvan Lengwiler0Albana Saljihaj1University of Basel, Faculty of Business and Economics (WWZ) and Center for Innovative Finance (CIF)University of Basel, Faculty of Business and Economics (WWZ)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. We find that U.S. assets under management is the most important determinant. However, the average size of the accounts, the behavior of the bank vis-à-vis its American clients, the solvency of the bank, and the point in time when the bank settled with the DoJ also matter.http://link.springer.com/article/10.1186/s41937-018-0024-0Tax evasionBank secrecy |
| spellingShingle | Yvan Lengwiler Albana Saljihaj The U.S. Tax Program for Swiss banks: what determined the penalties? Swiss Journal of Economics and Statistics Tax evasion Bank secrecy |
| title | The U.S. Tax Program for Swiss banks: what determined the penalties? |
| title_full | The U.S. Tax Program for Swiss banks: what determined the penalties? |
| title_fullStr | The U.S. Tax Program for Swiss banks: what determined the penalties? |
| title_full_unstemmed | The U.S. Tax Program for Swiss banks: what determined the penalties? |
| title_short | The U.S. Tax Program for Swiss banks: what determined the penalties? |
| title_sort | u s tax program for swiss banks what determined the penalties |
| topic | Tax evasion Bank secrecy |
| url | http://link.springer.com/article/10.1186/s41937-018-0024-0 |
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