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Swiss Object To Romney Tax Jibe

by Ulrika Lomas, Tax-News.com, Brussels

31 August 2012


Switzerland has expressed concern about the way Republican US presidential candidate Mitt Romney is being attacked by President Obama's campaign team for his alleged use of a Swiss bank account.

The Swiss Embassy in Washington is said to have raised objections with the White House about several television ads launched for Obama's election campaign suggesting that Romney has dodged US taxes by placing money into a Swiss bank account.

Switzerland is complaining in particular that the Obama campaign ads suggest that simply having a Swiss bank account means that the account holder is trying to hide money from the US taxman and has communicated its concerns to Obama's campaign team.

Romney has refuted suggestions that he has evaded US taxes by placing assets offshore, remarking in a television interview that his offshore investments are "entirely consistent with US law and all the taxes paid were those legally owed". He also insisted that he has not saved tax by virtue of these investments.

TAGS: tax | banking | offshore | banking secrecy | Switzerland | United States

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