This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Swiss Bank To Halt Offshore Services To US,
by Ulrika Lomas, Tax-News.com, Brussels
Monday, July 21, 2008
UBS announced during a recent congressional hearing on overseas tax-dodging that they will be shutting down all private banking accounts held by US residents.
The decision was made after it emerged via a recent report unveiled at the
hearing that a considerable proportion of wealthy US citizens are avoiding
taxes by concealing their assets in offshore accounts in Switzerland.
According to a report in the Guardian late last week, the chief financial officer
for UBS Global Wealth Management and Business Banking, Mark Branson said the
bank's 80,000 employees were alarmed by reports of misconduct, stating at Thursday's
meeting that:
"They want to know that such misconduct does not belong in UBS and that
the firm's ethics match their own.
"I am here today to tell you and to tell them that no, that kind of misconduct
does not belong in UBS," he added.
It has been estimated that the US Treasury loses up to USD100bn in tax payments every year as a result of schemes designed to conceal assets from the IRS in offshore accounts.
"UBS Wealth Management Americas continues to operate as it always has
and is not affected by today's announcement, except that some clients who used
to have their accounts in Switzerland may transfer their accounts into that
business," the bank said in a statement distributed after the hearing.
Subcommittee Chairman Sen. Carl Levin, a Michigan Democrat, said he was surprised
by UBS's announcement.
Mr Branson continued by stating:
“We have decided entirely to exit the business. UBS will no longer provide
offshore banking or securities services to US residents through our bank branches.
“While we are winding down this business there will be no new accounts
opened and Swiss-based client advisers will not be permitted to travel to the
United States for the purpose of meeting with US clients," he added.
However, Branson was also keen to point out that the closure of Swiss accounts
to American citizens will not affect business relation between the two countries.
UBS has also assured that it will not be naming and shaming any of those
US citizens who have actively used the bank to avoid tax charges.
Mr Branson finished by explaining:
“We are working with the US Government to identify the names of US clients
who may have engaged in tax fraud. Client identity is generally protected from
disclosure under Swiss law. But such privacy protections do not apply when disclosure
of client names is requested in connection with an investigation of tax fraud
and where the requests are presented to the Swiss Government.”
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed