UBS Switzerland Account Losses

UBS Switzerland Account Losses

Changes in tax regulations could see UBS Bank lose 10% of its European clients.  

This follows agreements made between Switzerland and Germany and Britain to resolve the issue of untaxed accounts.   In short, many countries are negotiating agreements with so-called tax havens to either deploy a withholding tax on all foreign named accounts and pay the tax to the anonymous owners country or move to full disclosure.

The withholding tax agreement now in Switzerland has meant that tver the last 12 months, clients from Britain, France, Germany, Austria and Italy have withdrawn SwFr 20bn from its accounts.  

The bank have also received demands for clients’ unpaid tax, but according to the Swiss government, US tax authorities have withdrawn a summons against UBS after they handed over details of clients accounts who were suspected of tax evasion.

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