Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Israeli navy attacks Hamas base as tanks line up along Gaza border

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

Europe

Swiss banks can reveal client data to US tax authorities

© afp

Text by News Wires

Latest update : 2013-07-05

Switzerland's highest court ruled Friday that Credit Suisse could reveal data on suspected tax dodgers to US authorities, rejecting an appeal from the bank's clients and ending a long series of legal challenges to Switzerland's bank secrecy laws.

Switzerland's highest court ruled on Friday that Swiss bank Credit Suisse was free to transfer data to US authorities concerning clients suspected of tax dodging, ending a long series of legal challenges.

In its decision, the Alpine country's Federal Supreme Court rejected an appeal by Credit Suisse clients and gave its blessing to a request made in 2011 by Washington for data on clients suspected of evading US taxes.

At the time, Swiss tax authorities gave the go-ahead to temporarily circumvent Switzerland's long-sacrosanct bank secrecy laws, but the clients in question have been challenging the decision through the Swiss court system.

The federal court on Friday ruled that Washington's broad request "was not a fishing expedition" even though the request did not specifically name the suspected clients.

It said the US demand was "detailed enough to show grounds for suspecting tax fraud or similar offences and to allow the identification of the wanted persons."

The US request for assistance concerned a company with an account declared to Swiss tax authorities, but whose beneficiaries all lived in the United States.

The court ruled that the clients' decision to open an account through a firm not subjected to US taxation could be considered an attempt to dodge US taxes.

A spokesman for the Swiss finance ministry, which has been sitting on the bank data while waiting for the final court ruling, told AFP Friday that the information "can now be transmitted" to the Americans.

Swiss banks are believed in the past to have accepted billions of dollars belonging to American citizens who have not declared these assets to US tax authorities, though they now refuse such money.

(AFP)

 

Date created : 2013-07-05

  • SWITZERLAND

    Deal with US on tax evasion gets overall parliamentary support

    Read more

  • BANKING

    Court ruling may halt transfer of UBS client list to US tax authorities

    Read more

  • SWITZERLAND

    Parliament rejects UBS account list deal with US

    Read more

Comments

COMMENT(S)