UBS

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State Tax Revenues Still Unstable

Overall tax revenue figures for US states have risen for the second straight quarter in 2010, however total collections are still lagging behind their pre-recession levels, lending uncertainty to future results.

Graduate Tax Would Cause an Exodus

If a graduate tax were to be instated in the UK, as previously suggested by the country’s Business Secretary, students would have little incentive to stay and contribute to the economy upon completion of their degrees, ultimately offsetting any possible benefits the system might have.

French Tax Change Could Lower Credit Rating

France has been warned that if it carries out proposed changes to the tax treatment of life insurance products, the country could face a national credit rating downgrade across the insurance sector.

Mexico Clamping Down On Money Laundering

Mexico could soon implement heavy restrictions on the use of cash for large purchases, in an effort to hinder the nation’s overwhelming levels of money laundering.

Immigration to Boost Latvian Economy

In order to bolster economy activity and government revenues Latvia has relaxed several of its immigration restrictions in an attempt to bring in greater levels of foreign capital and skilled employees into the country.

Jul 31, 20090

UBS Case Leads To Offshore Info Volunteers

Categories: International Tax Cooperation, Offshore Banking, Taxation in USA

The ongoing legal action between UBS and US Government has lead to some US offshore account holders volunteering their financial information to eschew possible harsher penalties. According to Internal Revenue Service (IRS) spokesman, Terry Lemons, almost 400 applications were received by the IRS for the Leniency Program for offshore bank account disclosure in the week starting Monday 20th of July. This amount eclipses the voluntary disclosures for 2008, which numbered only 100 individuals. The IRS is currently pursuing the identities of approximately ... Read More

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