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Tax Suspicions Grow on Swiss Accounts
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Issue
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Feb 25, 2009 07:43pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Thursday, February 26, 2009 01:00:00 AM UTC0:0 |
| Description | By LYNNLEY BROWNING
Published: February 25, 2009
Federal authorities suspect the scandal over Americans’ secret offshore accounts at UBS, the big Swiss bank, runs far deeper than they believed only a week ago.
While UBS admitted last week that it had failed to properly withhold American taxes on 17,000 accounts held by affluent Americans, the authorities are now investigating how the bank and its intermediaries handled taxes for an additional 35,000 accounts, according to two people briefed on the investigation.
At issue is whether UBS withheld taxes, as required by American law, and, if so, where the money went, these people said. If UBS failed to collect taxes on all 35,000 accounts, the bank could owe the Treasury Department as much as $800 million in taxes, interest, fines and penalties, according to a tax lawyer briefed on the investigation, who spoke on the condition he not be named because he is representing UBS clients.
Mark Arena, a UBS spokesman, declined to comment on Wednesday.
Federal authorities are stepping up their investigation into the Swiss bank’s activities and pressing UBS to divulge the names of tens of thousands of American clients. The effort is drawing sharp criticism from the Swiss, who say disclosing the names would violate Swiss law. |
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