Swiss to Allow Companies to Deduct Foreign Fines From Tax Bill
(Bloomberg) -- Swiss companies will be able to deduct fines incurred abroad from their tax bill after years of wrangling in parliament, newswire AWP reported.
Lawmakers in parliament's lower house voted in favor of the plan, which will allow exemptions in cases when an entity can “plausibly show, that everything reasonable was done to comply with the law,” AWP said.
Read More: UBS Gets June Retrial in Fight Over $5 Billion French Fine
Parliament's upper house already backed the measure.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net
To contact the editor responsible for this story: Jan Dahinten at jdahinten@bloomberg.net
©2020 Bloomberg L.P.
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