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S U B S C R I B E
WRS stories about tax
'We are heading toward possible compromise' on EU-Swiss tax dispute
Tuesday, 29 November, 2011
The European Commission is threatening to sue Germany and the UK over the tax deals they’ve signed with Switzerland. The agreements mean Bern would collect taxes on undeclared assets in Switzerland and turn over the money but not the identities of the account holders to Germany or the UK. The commissioner in charge of tax issues has warned once again that the accords may conflict with other existing ones between the EU and Switzerland. To put it all into context WRS’s Dave Goodman talks to Jean Russotto, an attorney in Brussels and a close observer of EU-Swiss relations:
Tuesday, 29 November, 2011
The European Commission is threatening to sue Germany and the UK over the tax deals they’ve signed with Switzerland. The agreements mean Bern would collect taxes on undeclared assets in Switzerland and turn over the money but not the identities of the account holders to Germany or the UK. The commissioner in charge of tax issues has warned once again that the accords may conflict with other existing ones between the EU and Switzerland. To put it all into context WRS’s Dave Goodman talks to Jean Russotto, an attorney in Brussels and a close observer of EU-Swiss relations:
Former UBS banker Birkenfeld questions colleague's lighter sentence
Wednesday, 23 November, 2011
Former UBS banker Bradley Birkenfeld provided information to the U.S. government in 2007 about a colleague, Renzo Gadola, who last week avoided a prison sentence after admitting helping Americans evade their taxes. Prosecutors say Gadola has been cooperating with U.S. investigators ever since his arrest in November 2010, helping to uncover the role that cantonal banks have played in aiding U.S. tax evaders and informing on former colleagues. Gadola has been given a sentence of five years probation, while Birkenfeld continues to serve out the remainder of his 40-month prison term. From Washington reporter Daniel Ryntjes has the story:
Wednesday, 23 November, 2011
Former UBS banker Bradley Birkenfeld provided information to the U.S. government in 2007 about a colleague, Renzo Gadola, who last week avoided a prison sentence after admitting helping Americans evade their taxes. Prosecutors say Gadola has been cooperating with U.S. investigators ever since his arrest in November 2010, helping to uncover the role that cantonal banks have played in aiding U.S. tax evaders and informing on former colleagues. Gadola has been given a sentence of five years probation, while Birkenfeld continues to serve out the remainder of his 40-month prison term. From Washington reporter Daniel Ryntjes has the story:
Finance minister defends Swiss tax deals with Britain and Germany
Tuesday, 8 November, 2011
The Swiss finance minister Eveline Widmer-Schlumpf has defended the country’s recent tax deals with Britain and Germany. During a visit to Brussels, she dismissed criticism by the European Commission and said similar deals with other countries were being discussed. Her visit coincided with a meeting of EU finance ministers to discuss the deepening Eurozone crisis. Widmer-Schlumpf said it was too early for Switzerland to play a direct role in the ongoing efforts to bolster the single currency. WRS’s Alex Helmick talks to reporter Vanessa Mock, who has been following the talks in Brussel:
Tuesday, 8 November, 2011
The Swiss finance minister Eveline Widmer-Schlumpf has defended the country’s recent tax deals with Britain and Germany. During a visit to Brussels, she dismissed criticism by the European Commission and said similar deals with other countries were being discussed. Her visit coincided with a meeting of EU finance ministers to discuss the deepening Eurozone crisis. Widmer-Schlumpf said it was too early for Switzerland to play a direct role in the ongoing efforts to bolster the single currency. WRS’s Alex Helmick talks to reporter Vanessa Mock, who has been following the talks in Brussel:
Julius Bär bankers indicted by U.S.
Wednesday, 12 October, 2011
Two Julius Bär bankers have been indicted by U.S. prosecutors for allegedly helping wealthy Americans evade taxes. U.S. authorities only referred to a Swiss Bank, but Julius Bär confirmed a current and former employee were those indicted. The bank said in a statement that it is cooperating in the investigation and is one of many banks supporting tax negotiations between Switzerland and the U.S.
Wednesday, 12 October, 2011
Two Julius Bär bankers have been indicted by U.S. prosecutors for allegedly helping wealthy Americans evade taxes. U.S. authorities only referred to a Swiss Bank, but Julius Bär confirmed a current and former employee were those indicted. The bank said in a statement that it is cooperating in the investigation and is one of many banks supporting tax negotiations between Switzerland and the U.S.
Geneva firms fight moves to hike corporate taxes
Wednesday, 5 October, 2011
Tax—we’ve all got to pay it. However rates in Switzerland are generally quite low compared to other countries. The Swiss Socialist Party claims the tax breaks enjoyed by Geneva’s multinational companies are creating unfair competition inside the economy. But Geneva’s business community says it will fight moves to introduce a new, flat corporate rate set much higher than in other parts of Switzerland. WRS’s Lucia Walton reports on tax in the city:
Wednesday, 5 October, 2011
Tax—we’ve all got to pay it. However rates in Switzerland are generally quite low compared to other countries. The Swiss Socialist Party claims the tax breaks enjoyed by Geneva’s multinational companies are creating unfair competition inside the economy. But Geneva’s business community says it will fight moves to introduce a new, flat corporate rate set much higher than in other parts of Switzerland. WRS’s Lucia Walton reports on tax in the city:
Bankers: Tax Justice Network has 'always hated' Switzerland
Tuesday, 4 October, 2011
The British-based Tax Justice Network has released a report citing Switzerland as the No. 1 in financial secrecy. And in this case being No. 1 is not a good thing. The Network says Switzerland isn’t doing enough to be transparent and cutting deals with the United Kingdom and Germany only facilitates the problem. But the Tax Justice Network has it in for Switzerland, according to Michel Dérobert, secretary general of the Swiss Private Bankers Association. WRS’s Alex Helmick asks Dérobert to elaborate on that:
Tuesday, 4 October, 2011
The British-based Tax Justice Network has released a report citing Switzerland as the No. 1 in financial secrecy. And in this case being No. 1 is not a good thing. The Network says Switzerland isn’t doing enough to be transparent and cutting deals with the United Kingdom and Germany only facilitates the problem. But the Tax Justice Network has it in for Switzerland, according to Michel Dérobert, secretary general of the Swiss Private Bankers Association. WRS’s Alex Helmick asks Dérobert to elaborate on that:
Tax deal on hold—but how long will America wait?
Thursday, 22 September, 2011
An accord to turn over more tax evaders to the United States may have to wait. The Council of States refused to vote on the double tax accord with the U.S. yesterday. Bern had been hoping to use that accord in negotiations with Washington as pressure mounts on a number of Swiss banks. WRS’s Pete Forster turns to our political reporter Jordan Davis in Bern:
Thursday, 22 September, 2011
An accord to turn over more tax evaders to the United States may have to wait. The Council of States refused to vote on the double tax accord with the U.S. yesterday. Bern had been hoping to use that accord in negotiations with Washington as pressure mounts on a number of Swiss banks. WRS’s Pete Forster turns to our political reporter Jordan Davis in Bern:
Credit Suisse may face 'disproportionate' fine in U.S. tax hunt
Tuesday, 13 September, 2011
The Swiss and the Americans are reportedly trying to work out a deal to avoid what could be a disastrous criminal prosecution for bank Credit Suisse. Business tax experts expect the bank to face far harsher treatment than UBS did—even though Credit Suisse handled far fewer of the assets in question. As with UBS, any deal would involve a fine and the handing over of some client names. According to two Swiss newspapers, the U.S. has given an ultimatum to Credit Suisse and nine other banks to hand over information by today. WRS’s Washington Correspondent Daniel Ryntjes has more:
Tuesday, 13 September, 2011
The Swiss and the Americans are reportedly trying to work out a deal to avoid what could be a disastrous criminal prosecution for bank Credit Suisse. Business tax experts expect the bank to face far harsher treatment than UBS did—even though Credit Suisse handled far fewer of the assets in question. As with UBS, any deal would involve a fine and the handing over of some client names. According to two Swiss newspapers, the U.S. has given an ultimatum to Credit Suisse and nine other banks to hand over information by today. WRS’s Washington Correspondent Daniel Ryntjes has more:
U.S. sets today as bank data deadline
Tuesday, 6 September, 2011
The United States has given Switzerland until today to hand over additional client data on potential U.S. tax dodgers. It’s the latest round in the tax dispute between Bern and Washington. Washington says several banks including Credit Suisse have helped American clients evade taxes but the U.S. seems to be asking for more than current Swiss law would allow. They want details of all U.S. clients who held accounts worth at least $50,000 between 2002 and 2010. WRS’s reporter Vincent Landon spoke to Claude-Alain Margelish, CEO of the Swiss Bankers Association, and asked him for his reaction to the latest twist in the saga:
Tuesday, 6 September, 2011
The United States has given Switzerland until today to hand over additional client data on potential U.S. tax dodgers. It’s the latest round in the tax dispute between Bern and Washington. Washington says several banks including Credit Suisse have helped American clients evade taxes but the U.S. seems to be asking for more than current Swiss law would allow. They want details of all U.S. clients who held accounts worth at least $50,000 between 2002 and 2010. WRS’s reporter Vincent Landon spoke to Claude-Alain Margelish, CEO of the Swiss Bankers Association, and asked him for his reaction to the latest twist in the saga:
Credit Suisse shutting some U.S. clients out of accounts
Friday, 2 September, 2011
Credit Suisse is denying access to the offshore accounts of its American customers, if they don’t provide evidence of U.S. tax compliance. A WRS investigation suggests this unusual practice has been quietly implemented for some time. For many it’s a sign Credit Suisse is eager to settle charges it’s helped U.S. clients evade taxes. In fact, a voluntary disclosure program for U.S. taxpayers runs out on September 9. WRS’s Daniel Ryntjes reports from Washington:
Friday, 2 September, 2011
Credit Suisse is denying access to the offshore accounts of its American customers, if they don’t provide evidence of U.S. tax compliance. A WRS investigation suggests this unusual practice has been quietly implemented for some time. For many it’s a sign Credit Suisse is eager to settle charges it’s helped U.S. clients evade taxes. In fact, a voluntary disclosure program for U.S. taxpayers runs out on September 9. WRS’s Daniel Ryntjes reports from Washington:
Brussels says UK-Swiss tax deal paves way for transparency
Friday, 26 August, 2011
A landmark deal between Switzerland and Britain on tax evasion has received a mixed response from the European Union. Brussels has been leading the crusade for full banking transparency with Switzerland. But the deal struck between London and Bern on Wednesday does not require the so-called automatic exchange of information. Instead, the two countries agreed to impose withholding taxes on British assets held by Swiss banks, without the banks having to divulge the identities of their account holders to London. Christina Arigho is a spokeswoman for the European Commission in Brussels. She told reporter Vanessa Mock that she was cautiously optimistic the deal paves the way for greater transparency from Switzerland:
Friday, 26 August, 2011
A landmark deal between Switzerland and Britain on tax evasion has received a mixed response from the European Union. Brussels has been leading the crusade for full banking transparency with Switzerland. But the deal struck between London and Bern on Wednesday does not require the so-called automatic exchange of information. Instead, the two countries agreed to impose withholding taxes on British assets held by Swiss banks, without the banks having to divulge the identities of their account holders to London. Christina Arigho is a spokeswoman for the European Commission in Brussels. She told reporter Vanessa Mock that she was cautiously optimistic the deal paves the way for greater transparency from Switzerland:
Americans abroad worried about impact of new U.S. tax
Tuesday, 22 February, 2011
American Citizens Abroad (ACA) is concerned about the impact of new U.S. legislation that will slap a 30 percent tax on foreign banks and other financial institutions that refuse to hand over detailed information about American account holders. WRS’s Pete Forster talks to Jackie Bugnion, from the ACA’s banking team, about the implications of the new law for expats living in Switzerland:
Tuesday, 22 February, 2011
American Citizens Abroad (ACA) is concerned about the impact of new U.S. legislation that will slap a 30 percent tax on foreign banks and other financial institutions that refuse to hand over detailed information about American account holders. WRS’s Pete Forster talks to Jackie Bugnion, from the ACA’s banking team, about the implications of the new law for expats living in Switzerland:
Bern lawmakers say American tax law could be 'very bad' for U.S.
Tuesday, 15 February, 2011
A group of Swiss parliamentarians delivered a blunt warning to their counterparts in the U.S. Congress about the impact of a strict new American law that aims to claw back lost tax revenues from overseas. The Foreign Account Tax Compliance Act, or “FATCA,” will require foreign entities to pay a 30 percent tax if they refuse to hand over detailed information about American accounts. The Swiss parliamentarians say the U.S. will suffer a massive exodus of financial and corporate business to Asia. From Washington, reporter Daniel Ryntjes reports:
Tuesday, 15 February, 2011
A group of Swiss parliamentarians delivered a blunt warning to their counterparts in the U.S. Congress about the impact of a strict new American law that aims to claw back lost tax revenues from overseas. The Foreign Account Tax Compliance Act, or “FATCA,” will require foreign entities to pay a 30 percent tax if they refuse to hand over detailed information about American accounts. The Swiss parliamentarians say the U.S. will suffer a massive exodus of financial and corporate business to Asia. From Washington, reporter Daniel Ryntjes reports:
