Financial Transparency Coalition

Australia’s tax authorities have vowed to scrutinise taxpayers’ transfer pricing activities and thin capitalisation rules in a bid to help businesses and individuals facing genuine hardship during the economic downturn.

ST. PETER PORT, GUERNSEY — The panoramic view of the English Channel and Guernsey’s craggy western shore from Guy Hands’s new £6 million home is splendid. No less so is the vista from his soon-to-be-completed rooftop office here on the eastern side of this small English-speaking island just off the French coast of Normandy.

By now, I’m sure you’ve heard of the Swiss bank giant and scandal headliner UBS. The scandal broke early this year when the IRS caught wind that Swiss bankers were traveling to the U.S. and systematically offering wealthy Americans the opportunity to evade taxes in Swiss banks. In addition, UBS formed offshore non-U.S. companies for investor’s assets and then engaged in an aggressive cover-up to conceal these activities. The Bank pled guilty to the criminal charges, was fined $780 million and forced to hand over 250 names of tax-evading Americans. Next there was the civil case held...

ZURICH (Reuters) - The United States and Switzerland are expected to reach a final settlement on Friday to end a tax row against giant UBS, but details of the deal won't be made public the same day, sources familiar with the situation said.