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Progress is Made in Tax Dispute with Switzerland

September 30th

After a long dispute, a settlement might finally be in reach for Swiss and US parties involved in the argument over the release of American customer data. The Internal Revenue Service (IRS) has been placing pressure on a number of Swiss banks they suspect of conspiring with American citizens to dodge US taxes.

There are currently ten Swiss banks in particular who are suspected of sheltering money on behalf of US citizens attempting to evade taxation. The United States has recently been redoubling their efforts to repatriate funds illegally sheltered overseas. However, those who did not submit to the IRS amnesty program now face substantial penalties, including jail time and fines on any unpaid taxes.

US Threatens Charges Against Swiss Banks

Two weeks ago, the United States offered an ultimatum to Switzerland, which stated that the ten banks in question needed to surrender detailed information on US tax evaders or else face substantial criminal charges and fines.

The United States authorities have announced that they would be willing to settle the dispute if the banks in question paid a heavy fine and voluntarily turned over the desired client data. While the amount of the fine has not yet been decided, experts expect that the amount could be as much as two billion Swiss Francs.

The number of client names and associated data to be transferred is also still under negotiation, though the current estimate is that the amount will number between 1,000 and 10,000 names.

 
 
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