GENEVA - Swiss bank UBS AG warned U.S. customers by registered mail their account details may be provided to U.S. tax authorities. The mailing could breach secrecy laws, a Swiss paper said on Sunday.
The use of registered mail and envelopes showing the sender was UBS could enable the U.S. authorities to trace customers wanted for tax evasion. US authorites could get this information well before the details are handed over under a U.S.-Swiss double taxation agreement according to the Swiss Sonntag weekly paper.
Switzerland and the United States settled a row over evasion of U.S. taxes in August when Switzerland agreed to hand over details of nearly 5,000 U.S. accounts at UBS.
But it could take into early 2010 before the first names are handed over under the agreed legal procedures.
Some 7,500 Americans voluntarily disclosed information about hidden overseas assets under a tax amnesty program that expired on October 15.
UBS had agreed in February to pay $780 million to settle a criminal investigation accusing it of helping American clients evade taxes. At the same it agreed to release the names of about 250 clients in a first breach of Switzerland's banking secrecy.
Rightardia has published posted several reports about the tax scam. Our staff believes that tax evasion is a crime and also unpatriotic. Most of the tax evaders are conservatives who are more interested in money than making America a better country.
source: http://www.reuters.com/article/topNews/idUSTRE59H18K20091018
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Netcraft rank: 7039 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
No comments:
Post a Comment