Business On February 24 各省人均收入排名 济南大楼半悬楼梯

Business On February 24, 2010, the Swiss government declared that it will go after parliamentary approval to effectively overturn a Swiss Courts efforts to block the release of information identifying U.S. accountholders at UBS AG (UBS) to U.S. authorities. In the meantime, pending parliamentary approval, Swiss tax authorities are moving forward to process U.S. requests for information on U.S. clients of UBS. On August 19, 2009, Swiss and U.S. authorities reached an agreement ("the Agreement") whereby the Swiss Confederation consented to process a U.S. request for information regarding U.S. clients of UBS, pursuant to the U.S.-Swiss Double Taxation Convention ("Tax Convention"). Under the Agreement, the Swiss Federal Tax Authority (SFTA) would process U.S. clients of UBS suspected of "tax fraud and the like" for disclosure to U.S. authorities. However, on January 21, 2010 the Swiss Federal Administrative Court (the Court) ruled that the Agreement’s "tax fraud and the like" arrangement was too broad and violated the Tax Convention temporarily stopping the SFTA from turning over UBS clients to U.S. authorities. Under the Tax Convention, Swiss banks may be required to provide account information for suspected tax fraud however it does not cover tax evasion. How The Swiss’s Distinction of Tax Fraud: Under Swiss law, tax evasion is an act of omission failing to report income or assets whereas tax fraud is an act of commission actively lying to authorities. The Court ruled that the Agreement violated the Tax Convention, which has signifcantly greater legal force. The Court also reasoned that the Agreement allowed account holders suspected of "tax fraud and the like" to be turned over too broadly encompassing tax fraud and tax evasion which is a violation of the Tax Convention. The Court’s ruling has the potential to block disclosure of nearly 4,200 U.S. clients of UBS because those account holders were only suspected of tax evasion, not tax fraud. Next Action by The Swiss The Swiss government’s motion will circumvent the Court’s ruling, thereby paving the way for disclosure of U.S. clients of UBS suspected of tax fraud and tax evasion to U.S. authorities. Essentially, Swiss authorities would raise the Agreement to the same level as a treaty. As a result, the treaty framework would be altered allowing for disclosure of U.S. clients of UBS suspected of tax fraud and tax evasion. Meanwhile, Swiss authorities indicated that they will continue to process the request by U.S. authorities for information on U.S. clients of UBS, pending parliamentary approval. How Does This Effect U.S. clients of UBS? While a Swiss Court may have temporarily barred disclosure to U.S. authorities, the Swiss parliament IS cooperating with U.S. authorities and continues to process the requests for information pending parliamentary approval, which appears very likely. Information on all 4,500 U.S. clients of UBS will likely be handed over to U.S. authorities. Once the information is handed over, the U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) will conduct criminal investigations and civil audits into U.S. accountholders of UBS. If you have been contacted by the UBS, Swiss authorities or U.S. authorities regarding your UBS account… About the Author: 相关的主题文章: