Tag Archive
Switzerland Caves In To IRS Demands – US-FOREX.US
To assist the U.S. government Switzerland has lifted its veil of secrecy and has agreed to give 4,450 banking client names to the Internal Revenue Service. The international crackdown on tax evasion has been gaining ever more momentum as governments, smarting from the economic crisis, seek to claw back as much revenue as they can…. »
UBS The Good Days Are Gone – US-FOREX.US
UBS might be lagging behind its European peers in banking, but it still manages a lot of the world’s wealth: The Swiss bank looks after 1.65 trillion Swiss francs worth of assets for private individuals worldwide. Yet that number is in constant flux now that private banking clients from the U.S. and Europe… »
UBS Plays The Confidence Game – US-FOREX.US
While its European rivals post a homecoming to profit, UBS is still stuck in the wilderness of losses. The Swiss banking giant, which is reportedly close to a settlement with the U.S. Internal Revenue Service over accusations that it helped thousands of Americans evade taxes, posted its third-straight quarterly loss on Tuesday. The second-quarter deficit… »
UBSU.S. Strike Last-Minute Deal – US-FOREX.US
UBS has narrowly avoided a court hearing after reaching an “agreement in principle” with U.S. authorities over a tax conflict that has mired the bank’s road to recovery.The agreement was reached on “major issues” while outstanding issues were expected to be resolved in the coming week, UBS said in a statement on Friday. It follows… »
Corruption Scandal Roils Switzerland – US-FOREX.US
A senior Swiss official accepting a 45,000 bribe? The U.S. citizen who made the allegation as he pled guilty to hiding money from the U.S. government might just has well have insulted all Swiss grannies. Switzerland prides itself on its clean image: the country ranks fifth on the 2008 Corruption Perceptions Index of Transparency International,… »
U.K.s Tax Well Running Dry – US-FOREX.US
When Catherine Monahan of Clink! Wines wrote a letter to the British Prime Minister complaining about the increasing tax on alcohol in May, she was surprised to get a reply just two months later. Signed on behalf of the U.K. Treasury, a government official explained that the government wasn’t raising taxes to try and curb… »
Americans Now Pariahs Of Foreign Banks – US-FOREX.US
Move over Iran and North Korea: Americans are the new outcasts of banking. Swiss and other European banks have begun distancing themselves from American clients in the wake of UBS’ spat with U.S. tax authorities, either by closing existing accounts or rejecting new applications.Banks, particularly smaller Swiss ones, are “actively closing” accounts of Americans resident… »
Taxing Times For UBS – US-FOREX.US
If UBS had hoped for any let-up from the Swiss government that could ease relations with United States tax authorities demanding the details of some 52,000 clients, it will be sorely disappointed.The Swiss Federal Office of Justice rejected the claim by U.S. authorities last week that UBS would not have to expect a criminal proceeding… »