‘Fines, bribes should not be tax-deductible’

ZURICH, Dec 19, (RTRS): Switzerland is mulling legislation to ban companies from deducting bribes paid to individuals from their taxes, another move to tighten what have been historically liberal laws on graft in a country long renowned for financial secrecy.

The Swiss Federal Council has initiated public comment on the proposed bill that will run until April. Parliament may debate the change before the end of 2016, after consultation with Swiss cantons, cities and political parties.

In addition to banning deductions of bribes made to private individuals, the Council’s draft legislation would also explicitly ban companies from counting financial penalties levied against them to reduce their tax bills.