Switzerland and the United States need more time to negotiate a tax deal, Swiss finance minister Eveline Widmer-Schlumpf told Swiss radio on Saturday, as the United States pushes for it to supply information on bank clients who are alleged to have evaded taxes.
"We have made a lot of progress with the main point of the treaty, but we are not there yet where we want to be from a Swiss point of view. The demands of the Americans and the expectations of the Swiss are not yet in line and it will certainly need more talks," Widmer-Schlumpf said. Eleven Swiss banks, including Credit Suisse, Julius Baer and Basler Kantonalbank, are under formal investigation by the US tax authorities. Widmer-Schlumpf declined to give details on possible fines facing the banks involved.