WASHINGTON D.C. - Following the success of previous US offshore voluntary disclosure programs, the US tax authorities are once again offering taxpayers an incentive to reveal information about any bank accounts they have hidden overseas. On January 9th the US Internal Revenue Service (IRS) announced that it has initiated another Offshore Voluntary Disclosure (OVD) program for taxpayers to declare their hidden offshore assets in exchange for lowered penalties. The new program started on the day of the announcement, and will continue indefinitely. Taxpayers ... Read More

BERN - Switzerland is set to feel another blow to its lauded banking secrecy rules, as the country's second largest bank gets ready to release details of some of its clients to US tax authorities. On November 8th, Swiss media revealed that Credit Suisse has sent out letters to a number of its American clients, stating that the bank will cooperate with US demands to release data of a number of US taxpayers with Swiss bank accounts. The letters, which are reportedly dated November ... Read More

Swiss bankers are breathing a sigh of relief as the banking giant Credit Suisse reaches a multimillion dollar settlement with German tax authorities. In a statement made by representatives of Credit Suisse on September 19th in Dusseldorf, the bank announced that a solution has been reached to the ongoing animosity with German tax authorities. The disputes centered on accusations that Credit Suisse staff knowingly aided German taxpayers in evading their tax obligations in Germany through the use of Credit Suisse bank accounts. ... Read More

The 2011 Offshore Voluntary Disclosure Initiative run by the US Internal Revenue Service is being hailed as a success, having resulted in over 12 000 American taxpayers coming forward to disclose funds and capitals previously hidden in overseas bank accounts. In a statement made on September 15th the US Internal Revenue Service (IRS) said that the Offshore Voluntary Disclosure Initiative (OVDI) was a successful operation in the continued fight of the IRS against international tax evasion. The Initiative, which ran from ... Read More

The UK could soon follow Germany in signing a tax deal with Switzerland in order to reduce the occurrence of cross border tax evasion while allowing Switzerland to maintain its bank confidentiality regulations. The president of the Swiss Bankers Association Patrick Odier has revealed that Swiss and UK tax authorities are only a few weeks away from concluding negotiations over a new cooperative tax deal. Under proposals raised in the negotiations, Swiss banks would be responsible for applying a flat rate withholding ... Read More