Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Swiss offshore case may near settlement

July 14, 2009 by  

Swiss offshore case may near settlement Media reports have suggested UBS, a major Swiss bank, as well as the U.S. and Swiss governments may be about to strike a deal that would help them avoid drawn out court proceedings.

Earlier this year, the U.S. Internal Revenue Service has filed a lawsuit against the bank in an effort to force it to disclose the identities of thousands of American citizens it suspects of hiding assets in Switzerland and tax evasion.

The bank has already provided the names of about 250 clients and paid the U.S. $780 million in fines related to offshore tax havens, according to FoxBusiness.com.

Now, the three parties had asked a federal court in Miami to postpone a hearing scheduled for July 13 so they can continue settlement talks.

The Justice Department has said any deal "would necessarily include a provision requiring UBS to provide the Internal Revenue Service information on a significant number of individuals with UBS accounts."

The U.S. government’s crackdown on what it sees as tax havens was prompted by the financial crisis and the costly stimulus bill as well as several rounds of bailouts that need to be paid for.

It gathered steam after the G20 summit in London in April where global leaders pledged cooperation in pursuing the matter.
ADNFCR-1961-ID-19265493-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Swiss offshore case may near settlement”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • tim vanovickoyo

    soon the EU countries will use this precedent as a way to get the names of their citizens that have bank accounts here. after all, non resident aliens do not pay tax on interest earned in our banks, that is why billions of EU citizens’ money is stashed away in our banks. as soon as the EU citizens feel threatened with exposure to their home country, they will take their money out (like the Americans did with the Swiss).
    Then our banks and economy will COLLAPSE!
    The US is a big tax haven for foreigners. No taxes here and 50 to 70% taxes in their home countries.

  • Brian Rawls

    Well I guess thats that.

  • Judy

    Is ther any place to take our money that is safe anymore ?

  • http://none ridge runner

    I don’t know how it is going to work out to but if we don’t get rid of all of these progressive a** holes that are creating all of these programs and stealing all of our money in taxes then we will eventualy will have only what our masters will let us have. Then we will be called obumernation. wake up americawe don’t have to keep up the whole world just our country keep the world at bay. Stop these illegals at our borders.

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.