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UBS tax case brings more leads

Leads from the US case against Swiss bank UBS have helped Washington to find “numerous banks” and other promoters of tax evasion in Asia and the Middle East.

United States tax chief Douglas Shulman made the announcement on Thursday as part of his remarks to a tax conference in Washington, DC.


"This information has already proved invaluable in supplementing and corroborating prior leads, as well as developing new leads involving numerous banks," Shulman said .

He also said the agency was considering another amnesty-like program to lure wealthy tax evaders – similar to the one that ended last October and led to 15,000 individuals declaring assets.

In 2008, the US Internal Revenue Service issued a summons on UBS demanding the release of confidential information on clients the agency suspected of tax evasion.

UBS agreed to pay $780 million and name some US clients to resolve criminal fraud charges against it.

In 2009, Switzerland and the US defined criteria for examining the administrative assistance request concerning tax offences.

The Federal Tax Administration examined about 4,450 UBS client accounts and supplied information to the US, whose tax authorities withdrew their summons in November.

swissinfo.ch and agencies


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