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New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
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NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 

Swiss Government Rebuked Over UBS Affair, by Ulrika Lomas, Tax-News.com, Brussels
Thursday, June 03, 2010

A Swiss parliamentary committee has sharply criticized the government's role in the UBS tax evasion scandal, which now threatens to punch a hole in Switzerland's banking secrecy laws.

Following a 15-month long enquiry into the UBS affair, the Swiss parliament's two control committees published a report on May 31 which concluded that the federal government failed to recognize the ramifications of the US probe into tax evasion by UBS clients, which has led to the drawing up of an agreement to hand over confidential data to the US authorities.

"The significance of the transfer of the bank data of some US clients of UBS was not recognised until too late," the joint committees said.

The joint committees' report also accused the government of being slow to react when the bank encountered financial difficulties as a result of its investment in illiquid mortgage-backed securities.

In August 2009 UBS agreed to a fine of USD780m and agreed to discuss the transfer of data on 4,450 accounts to the US Internal Revenue Service, although this was far short of the 52,000 names originally sought. On March 31, 2010, in discussions with the US, the Swiss government agreed to amend its double tax agreement with the US to allow for the exchange of tax information in cases of extreme tax evasion. This amendment will facilitate the exchange of tax data on account holders with the largest outstanding tax liabilities to US authorities.

The agreement must be approved by the Swiss parliament before it can be ratified, and the upper house of the Swiss parliament is due to discuss the issue on June 3, followed by the lower house next week. A majority of lawmakers are expected to back the deal, however, after the conservative People’s Party removed their opposition to the agreement in an attempt to prevent a tax on bankers' bonuses.

FINMA, the Swiss financial regulator, was also criticized in the report for its part in the regulatory failures, although the authority said that it "welcomes the Control Committees' thorough analysis of the events and of how they were handled by the federal authorities."

"The Control Committees have drawn up a well-supported and detailed overview of the facts in regard of the highly complex events for all parties involved. FINMA supported the Control Committees with its work by disclosing all the records and documents they requested. In addition, FINMA assisted further by conducting numerous formal hearings, providing written statements and organising meetings to assess the findings," a FINMA statement said.

FINMA intends to respond to the report's conclusions and recommendations by the end of 2010.

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