UBS Should Settle IRS Case, Pay Tax On Accounts – Think-Tank

July 15th, 2009

Dow Jones Newswires

UBS AG (UBS) should pay U.S. taxes on 52,000 secret accounts held by American citizens in Switzerland as part of a settlement to a high-profile legal case between the bank and U.S. tax authorities, according to Washington-based Global Financial Integrity.

The think-tank said Zurich-based UBS should pay back-taxes owed the U.S. on what has been estimated as $14.8 billion worth of assets held in 52,000 undisclosed accounts from 2001 to 2007.

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