• From The BBC:

    The US and Switzerland have signed an agreement designed to end a tax evasion dispute surrounding UBS’s US customers.The Swiss banking giant will now give the US tax authorities the details of 4,450 accounts, US officials said. Internal Revenue Service Commissioner Doug Shulman said the accounts held $18bn in assets at one time, and many have since been closed. The US Justice Department had been originally seeking the names of 52,000 US customers with Swiss accounts.
    The IRS said that the names being handed over were the ones most suspected of hiding undeclared assets in Switzerland. “I believe this agreement gives us what we wanted – access to information about those UBS accountholders most likely to have been involved in offshore tax evasion,” Mr Shulman said. Washington said last week it would end its legal action in the US against UBS once the final deal was signed. Settlement”The out-of-court agreement avoids a prolonged legal battle that would have had an uncertain outcome, and…

    Click to read the full article »

    Posted by Jon @ 3:21 pm

Leave a Reply

Your email address will not be published. Required fields are marked *