Post by mcnoch on Jan 4, 2013 12:53:25 GMT -5
The oldest Swiss bank Wegelin has confessed that it had helped US citizens to evade taxation in the USA. The bank will be dissolved later this year.
www.reuters.com/article/2012/02/03/us-usa-tax-swiss-indictment-idUSTRE81203M20120203
This is the newest development in a yearlong battle fought mainly by the USA and Germany against the Swiss bank secrecy. The Swiss is only the start, Luxembourg, Lichtenstein, Cayman Islands and Singapore will follow. The German tax administration was buying in the last years repeatedly CD-ROMs with stolen bank data, pointing to tax-evader. In German courts it normally ends with the complete confiscation of the money and an additional penalty of 200 % on top. The only chance to avoid this hefty penalty is to turn oneself in and fully cooperate, which ten-thousands did in the last year, bringing extra tax billions into the public funds. It is very critical for top-managers here, as with a tax-crime in their records they are inadmissible for top-management or financial positions.
While countries in the 3rd world, Greek, Spain and Italy suffer also very much from withheld taxes on income, they are in no position to put pressure onto the banking nations, but the USA and Germany can and do. For Greek, Spain and Italy the additionally money would help enormously, in Italy it is estimated that more than 100 billion € were hidden before the tax. Germany believes that about 400 billion € went untaxed, even the Swiss officially recognised about 80 to 110 Billion and was ready to pay 10 billion cash to settle this issue with the Berlin to prevent further harm for its banking system. Seems the risks and sums are now mounting and most likely in a few years we will see the complete international control of all money-flows.
www.reuters.com/article/2012/02/03/us-usa-tax-swiss-indictment-idUSTRE81203M20120203
This is the newest development in a yearlong battle fought mainly by the USA and Germany against the Swiss bank secrecy. The Swiss is only the start, Luxembourg, Lichtenstein, Cayman Islands and Singapore will follow. The German tax administration was buying in the last years repeatedly CD-ROMs with stolen bank data, pointing to tax-evader. In German courts it normally ends with the complete confiscation of the money and an additional penalty of 200 % on top. The only chance to avoid this hefty penalty is to turn oneself in and fully cooperate, which ten-thousands did in the last year, bringing extra tax billions into the public funds. It is very critical for top-managers here, as with a tax-crime in their records they are inadmissible for top-management or financial positions.
While countries in the 3rd world, Greek, Spain and Italy suffer also very much from withheld taxes on income, they are in no position to put pressure onto the banking nations, but the USA and Germany can and do. For Greek, Spain and Italy the additionally money would help enormously, in Italy it is estimated that more than 100 billion € were hidden before the tax. Germany believes that about 400 billion € went untaxed, even the Swiss officially recognised about 80 to 110 Billion and was ready to pay 10 billion cash to settle this issue with the Berlin to prevent further harm for its banking system. Seems the risks and sums are now mounting and most likely in a few years we will see the complete international control of all money-flows.