Swiss Banks Ready to Concede to IRS Demands

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The IRS is investigating 11 Swiss banks (including Credit Suisse Group) suspected of helping wealthy American account holders hide taxable income in their offshore accounts. As a result, US and Swiss authorities are said to be at the final stages of a negotiated civil settlement that could see the Swiss pay billions of dollars and disclose personal banking information on thousands of suspected US tax evaders. This is basically what is demanded by the IRS, together with a pledge from the Swiss not to abet US taxpayers in dodging taxes again.

Switzerland is the country famed for its tax haven status and banking secrecy laws. The Swiss is preparing a final document for the Foreign Affairs Committee to be tabled before its Parliament’s Upper House November 10. The number of banks that are to pay the amount required to bring this case to a close may exceed the 11 being investigated.

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