October 27th, 2009
US Senate Finance Committee Chairman Max Baucus and US House Ways and Means Committee Chairman Charlie Rangel today introduced legislation aimed at curtailing offshore tax evasion. From
Reuters:
Under the proposed bill, foreign banks would be forced to disclose information about American customers, or face a 30 percent tax on their income from U.S. financial assets.
The legislation would crack down on shell companies by requiring a foreign corporation to give the U.S. Treasury the names of Americans who own more than 10 percent of its shares.
October 27th, 2009
WASHINGTON (Reuters) - A proposal to stop rich Americans from stashing assets offshore to evade taxes, by slapping penalties on individuals and foreign financial institutions, was introduced on Tuesday in the U.S. Congress.
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October 6th, 2009
From Switzerland's Le Temps newspaper this morning (translated from the French)
The Ticino lawyer Fabrizio Pessina, from Chiasso, was arrested at Malpensa airport (Milan) on March 2 on his return from Spain where he had been playing golf. The financial brigade was interested in him, in the context of an investigation into two Italian businessmen suspected of diverting funds from a real estate project in Milan. On Fabrizio Pessina's personal computers the investigators found, it seems by chance, a list of 552 Italian taxpayers with the details of their bank accounts, including the names of their...
October 5th, 2009
WASHINGTON – Roberto Cittadini of Bellevue, Wash., pleaded guilty today to filing a false tax return, the Justice Department and Internal Revenue Service (IRS) announced. Cittadini appeared today before Magistrate Judge Mary Alice Theiler in Seattle and accepted responsibility for concealing nearly $2 million in Swiss bank accounts. According to court documents and statements made in court, Cittadini, a retired sales manager for Boeing, failed to report income from bank accounts under his control at UBS AG in Switzerland on his individual income tax returns from 2001 through 2003. Additionally, Cittadini failed to file a Report of Foreign Bank...
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