Category Taxation in Switzerland

UBS and US Reach Settlement

August 13, 2009 International Tax CooperationOffshore BankingTaxation in SwitzerlandTaxation in USA  No comments

The Swiss bank UBS has reached a settlement deal with the US Government regarding allegations of tax evasion.

An out-of-court settlement has been brokered between the US Government, on behalf of the US Internal Revenue Service, and the Swiss Bank UBS. Exact details of the agreement have not yet been revealed, and are not promised until the final agreements are signed by all involved parties. At the moment the settlement sits as an “initialed agreement”. According to Ken Rubestein, senior partner at law firm Rubinstein & Rubinstein in New York, “This means the deal is effectively done” and “Signing is just a technicality; they are doing the final read-through just to be sure.”

Speculation of the exact nature of the settlement has been rife, and will continue to be so until its annou...

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Germany to Bring Tax Talk to the Swiss

August 7, 2009 International Tax CooperationOffshore BankingTaxation in GermanyTaxation in Switzerland  No comments

Germany will start tax agreement negotiations with Switzerland later this month in an effort to combat the ever more prominent problem of tax evasion.

Germany is looking to make some headway with the problem of German nationals utilizing Swiss banking to avoid their full tax liabilities. According to Peer Steinbrueck, German Finance minister, Germans have a “triple-digit billion-euro amount” hidden away in offshore accounts throughout the world, and Swiss bank accounts make up a significant portion of this.

Germany and Switzerland will engage in rounds of tax agreement negotiations later in August. Most likely these will work towards the signing of an OECD created Tax Information Exchange Agreement (TIEA)...

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US and UBS Case Reaches Agreement

August 4, 2009 International Tax CooperationOffshore BankingTaxation in SwitzerlandTaxation in USA  No comments

An agreement has been reached in the negotiations between UBS and the US, tentatively resulting in the disclosure of 5,000 account holder names and no fines for UBS.

The recent legal wrangle between the Swiss bank UBS and the US Department of Justice (DoJ), in a case filed on behalf of the Inland Revenue Service (IRS), looks like it could come to a relatively placid end. It was announced that the two parties have come to an agreement “in principal”.

While the US originally sought the names of 52,000 American UBS account holders, it now seems willing to settle for the 5,000 largest accounts. The sought after names are all under suspicion of evasion of US taxes through their Swiss offshore accounts...

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