DogPoundPup  (675 posts)     | Fri Jun-06-08 01:33 PM Original message |
| UBS may reveal U.S. clients' names in probe: report |
 | Source: Reuters (Reuters) - UBS AG is considering whether to reveal the names of up to 20,000 wealthy American clients as federal authorities intensify an investigation into offshore bank accounts, the New York Times said on Friday, citing people close to the inquiry. Federal investigators believe some clients may have used offshore accounts to hide as much as $20 billion in assets from the Internal Revenue Service, enabling them to evade at least $300 million in federal income taxes, the newspaper said, citing a government official connected with the investigation. A spokesman for UBS declined to comment on the report and said the bank's position had not changed. "We are taking the investigations very seriously. We are putting in a lot of resources in order to work with the investigators. We will analyze these points and if necessary take corrective measures," he said. According to the newspaper, UBS said it was cooperating with investigators and that it was against the Swiss bank's policy to help Americans evade taxes. Read more: http://www.reuters.com/article/newsOne/idUSBNG280063200... In related "offshore U.S. tax evasion" news... 10 Big Businesses That Have Moved Their Headquarters Abroad to Pay Less U.S. Taxes Some call the practice of moving a company abroad to avoid taxes "corporate inversion," while others deem these businesses “expatriate corporations.” Whichever term you prefer, the fact is that several successful American companies have moved their headquarters overseas in recent years to avoid hefty U.S. taxes. #1. Halliburton: Houston-based Halliburton, which offers a broad array of oil-field technologies and services to upstream oil and gas customers worldwide, announced the opening of a corporate headquarters in the United Arab Emirates city of Dubai on March 12, 2007. The company, which was once led by U.S. Vice President Dick Cheney, said that its relocation was part of a strategy that it announced in mid-2006 to concentrate its efforts in the Middle East in order to attract business............ finish reading @ http://www.hrworld.com/features/10-overseas-companies-0... |
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