Swiss and US Apparently Reach Deal on Bank Disclosures related to Tax Evasion
by Linda Beale
Swiss and US Apparently Reach Deal on Bank Disclosures related to Tax Evasion
Bloomberg reports (in a minimal news story at this point based on an anonymous tip prior to the settlement being officially released) that the United States and Switzerland have reached an agreement that settles the dispute about Americans’ use of Swiss banking secrecy to evade US taxation of undeclared accounts.
Apparently, the deal will result in some banks being permitted to voluntarily disclose activity, while others will face penalties because of undeclared assets.
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