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In an unusual legal move, the U.S. government has successfully demanded information on wealthy Americans who allegedly used the confidentiality of the Swiss government to avoid taxes. Switzerland has traditionally been a favorable economic environment for both wealthy individuals and foreign corporations. The Internal Revenue Service filed a lawsuit against […]
Category: Offshore Accounts/International Tax Disputes
ZURICH – Switzerland’s Chairman of Financial Regulation, Eugen Haltiner, announced that he will step down from his position at the end of the year. The Swiss government issued a statement thanking the Chairman for his services and stating that it will be nominating a replacement in November. Mr. Haltiner’s tenure […]
Switzerland’s recent decision to allow Swiss bank UBS to provide the Internal Revenue Service with information on 4,500 American account holders is expected to result in a wave of criminal prosecutions for tax evasion. The defendants in these prosecutions likely will not be limited to UBS account holders; London-based HSBC […]
The UBS is one of the world’s biggest banks and over the past few years has had an increasingly strained relationship with the U.S. government. In 2009, the U.S. government sued UBS for allegedly hiding secret Swiss bank accounts from U.S. tax authorities. In early 2010, UBS continued to contest […]
The United States government may be victorious in a long-running battle with the Swiss government over US tax evasion. Swiss judicial and government officials are all moving toward agreement that US clients in Swiss banks must have their account data handed to the Internal Revenue Service (IRS). Switzerland’s largest bank, […]