A little under a year ago there were more than 100 Swiss banks clawing their way into the U.S. Justice Department’s no prosecution agreement. The deadline to sign up was New Years’ Day 2014. Banks who were able to meet the deadline were guaranteed no conviction or closure, no disgrace, […]
Category: Offshore Accounts/International Tax Disputes
The former head of UBS AG (UBSN)’s global wealth-management business, Raoul Weil, referred to accounts hidden by U.S. clients from the Internal Revenue Service as “toxic waste,” at his tax-conspiracy trial. Martin Liechti, a former UBS banker cooperating with prosecutors, told federal jurors in Fort Lauderdale, Florida, that Weil became […]
Fashion designers Domenico Dolce and Stefano Gabbana are breathing sighs of relief after being cleared by Italy’s highest court of tax evasion charges Friday, bringing an end to one of the country’s highest profile tax cases in recent years. The designers have been in a constant battle since June 2013 […]
Switzerland, a country long known for its bank secrecy laws, is attempting to fight that reputation by playing a leading role in the effort to return stolen state assets. Valentin Zellweger, a legal adviser at the Swiss foreign ministry, said the country has been working on returning stolen assets for […]
Deutsche Bank AG’s Swiss unit has entered a U.S. Justice Department self-reporting program for banks that believe they may have aided Americans in the evasion of taxes. Under the program, Deutsche Bank’s Swiss operation has the ability to escape prosecution by disclosing previously undeclared U.S. accounts. While the bank may […]
The U.S. has seen uninterrupted success in its pursuit of undisclosed offshore accounts held by U.S. taxpayers. It began in 2008 with a key court victory against UBS, which then went on to pay the IRS $780 million. Swiss banking was turned upside down after UBS released thousands of Americans’ […]
The Internal Revenue Service announced changes to one of its limited-amnesty programs for U.S. taxpayers with undeclared offshore accounts. The revisions are an attempt to “streamline procedure,” which was announced in June and could offer relief to taxpayers who weren’t intentionally hiding money abroad. Participants in the streamlined program who […]
Amazon.com Inc. has become the latest major U.S. company to wind up in a formal probe conducted by European Union regulators regarding the legality of Luxembourg tax arrangements. The investigation is part of a broader crackdown on tax avoidance by European multinationals, including Apple Inc. and Starbucks Corp. European governments […]
U.K. citizens can expect income tax cuts should Prime Minister David Cameron’s Conservative party win the general election in May. Mr. Cameron said his party will cut income taxes over the next five-year parliamentary term, as long as it can continue its austerity drive to reduce the deficit. In his […]
European Union regulators are expected to make their case as early as Monday as to why tax deals granted to Apple Inc. and Fiat SpA violated EU law. The announcement marks the next formal step in the regulator’s push against alleged tax avoidance by multinationals. The European Commission, the EU’s […]