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UBS Faces USD1.2bn Back Taxes In Brazil

by Ulrika Lomas, Tax-News.com, Brussels

11 February 2013


In its end of year accounts for 2012, Swiss bank UBS has confirmed that it has been served with an assessment from Brazilian tax authorities for taxes, penalties and interest worth approximately USD1.2bn in respect of its previous ownership of bank Pactual until 2009.

Banco Pactual was acquired by UBS in May 2006, but UBS sold the bank in April 2009 to BTG Investments to shore up the company's finances during the financial crisis, receiving USD2.5bn at 2009 prices.

UBS reported that BTG Investments had submitted "contractual indemnification claims" pertaining principally to several tax assessments issued by the Brazilian tax authorities against Pactual relating to the period from December 2006 through to March 2009, when UBS owned Pactual.

UBS has confirmed that it will challenge the assessments in administrative proceedings. The company confirmed also that BTG had provided notice of several additional Pactual-related inquiries by Brazilian authorities that relate to the period of UBS's ownership of Pactual, although these involve substantially smaller amounts.

TAGS: tax | business | law | banking | international financial centres (IFC) | offshore | offshore banking | Brazil | Switzerland | penalties

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