Switzerland is looking into the possibility of imposing punitive taxes on big banks if they take high risks, Swiss newspaper Tages-Anzeiger said Monday. Citing anonymous sources, the newspaper reported that the Swiss Finance Minister Hans-Rudolf Merz is considering bank taxes that could help prevent a repeat of the financial crisis.
Proposals being examined include a tax on bonuses as already imposed in Britain and France, as well as a so-called stability contribution, which major economies are currently considering. The size of the stability contribution is to be determined for each bank, depending on the magnitude of risks it undertakes.
When contacted by AFP, the finance ministry declined comment on the report. A finance ministry spokesman said however that the ministry is examining a motion put forward by socialist parliamentarian Anita Fetz, who wants banks to no longer be able to deduct bonuses from their tax bills. Excessive risks taken by banks as they chased higher profits had brought about the recent financial crisis. Since the disaster, the financial industry has been drawing up new regulations aimed at preventing banks from taking excessive risks.
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