UPDATE 1-Swiss lawmakers back US tax plan; further vote Monday ...

Wed Feb 29, 2012 1:46pm EST

* Swiss lawmakers give initial backing to US tax plan

* Detailled debate and vote scheduled for Monday

* Tax plan seen as key to striking deal in US offshore probe

ZURICH, Feb 29 (Reuters) ? Swiss lawmakers threw their
support behind a tax proposal which could help to strike a deal
with the United States on Wednesday, a move which is seen as
instrumental to settling a U.S. probe into Swiss banks with
hidden offshore accounts.

The proposal, which clarifies how Switzerland would hand
over data on Americans suspected of dodging taxes at home, seeks
to backstop an expected deal over U.S. probes into 11 banks
including Credit Suisse and Julius Baer,
likely to comprise a data handover and fine payment.

An overwhelming majority of Switzerland?s lower house backed
the proposal, dismissing minority motions seeking to sink the
plan. The lawmakers tabled the formal vote to Monday as debate
on the proposal extended well into the evening.

Left-wing lawmakers backed the plan, swung by clean-money
measures for Switzerland unveiled by Swiss finance minister
Eveline Widmer-Schlumpf last week.

The tax plan, defended by Widmer-Schlumpf in parliament on
Wednesday, garnered enough support from other parties to expect
to pass the formal vote on Monday despite right-wing opposition.
Switzerland?s upper house already passed the plan in December.

The Swiss government is eager to avoid a repeat of UBS
, when legal loopholes threatened to derail a deal
reached with U.S. officials over hidden offshore accounts that
bank offered wealthy Americans.

The plan, criticized in parliament on Wednesday by detractors
including influential former Swiss cabinet member Christoph
Blocher, represents a weakening of Switzerland?s long-cherished
secrecy laws, which have underpinned the country?s finance
industry, on which the economy relies heavily.

Provided the proposal passes Monday?s vote and a 100-day
waiting period without a call for a referendum, attention will
shift to talks between the U.S. and Switzerland for a deal meant
to sweep Swiss bank accounts clean of offenders and make good on
past transgressions.

According to a source familiar with the matter, Swiss and
U.S. talks are continuing, but sticking points remain in the
deal?s details.

Source: http://g7finance.com/g7finance-news/update-1-swiss-lawmakers-back-us-tax-plan-further-vote-monday/

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