Blackden is a boutique of Swiss-based financial advisers whose work includes expat mortgages and primary & secondary residences, pensions and taxation. Based in Versoix.
IRS sets up Global High Wealth Industry Group, seeks joint audits with other governments
UBS boss says governments must sort it out
by Sean Ecker with Ellen Wallace
Bern, Switzerland (GenevaLunch) – The Swiss government meets Wednesday 27 January to review the impact of a court’s decision last Friday, which asks the Federal Tax Administration to review the case of at least 25 UBS bank clients whose names were slated to be handed over to US tax authorities. The court ruled that a client’s failure to supply a bank with the American tax W9 form does not in itself constitute fraud (Ed. note: the US penalty for failing to supply the taxpayer identification number form is $50).
The court decision raises questions about the 4,450 names Switzerland has agreed to review for the IRS tax authority: people who are suspected of having committed tax fraud, as opposed to tax evasion.
