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Type Master's Thesis
Scope Discipline-based scholarship
Title The global trend towards tax transparency in banking: an analysis of the implementation of the Foreign Account Tax Compliance Act (FATCA) in selected Swiss banks
Organization Unit
Authors
  • Stefania Rubin
Supervisors
  • Jacqueline Haverals
  • Michel Habib
Language
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 119
Date 2019
Abstract Text A global trend towards tax transparency is becoming increasingly important in the tax regulatory environment of the banking sector. This has been manifested through reg-ulatory changes in various financial centers, e.g. in Switzerland, and beyond. In this context, this thesis aims to investigate the implications of the introduction of a United States (US) tax regulation in the Swiss banking sector, namely the Foreign Account Tax Compliance Act (FATCA). In particular, the thesis explores the implementation actions undertaken by four Swiss banks in order to deal with the new requirements. For this purpose, a multiple case study design has been utilized, focusing on four se-lected Swiss banks of different types. Interviews were conducted with bank employees along Freij’s theoretical framework (2017), which focuses on changes in products, processes and technology and the use of external providers. In general, the findings revealed substantial changes in processes and technology and additional consequences for employees and customers. In contrast, no significant impact was found in terms of new products. Furthermore, depending on the type of bank and the FATCA due-dili-gence and reporting requirements, differences were found regarding the degree of use of external providers and the level of integration of new and existing processes and technology. Finally, the results highlighted that FATCA facilitated the implementation of another tax regime within the four banks, namely the Automatic Exchange of Infor-mation. This sort of facilitation was and is considered an opportunity in the context of the global trend towards tax transparency that is currently shaping the banking industry but also of potential future, even more far reaching regulations.
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