20 Offshore Banks Targeted by IRS


UBS Bank of Switzerland, the main bank involved in an intense tussle with the IRS over its US clients suspected of using their offshore accounts to stash their money and avoid taxes, has alleged that the IRS intends to investigate another 20 Swiss banks. As such the bank is urging the Swiss Parliament to endorse a tax treaty with the Americans aimed at improving cross border cooperation on tax evasion issues. This treaty was signed between the US Treasury and the Swiss executive Federal Council in August last year.

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