Tuesday, October 2, 2012

Tax treaties hurt Credit Suisse


CREDIT Suisse could see clients in western Europe withdraw up to a net $37bn (£23bn) in the next few years as Switzerland bows to pressure to stop foreigners using secret offshore accounts to evade taxes.

Swiss bank secrecy has come under heavy pressure in recent years as cash-strapped governments have sought to fight tax evasion.

In a webcast of a presentation to a conference in New York, finance chief David Mathers said Credit Suisse had already seen more than 30bn francs (£20bn) in net outflows from mature offshore markets since 2009, part of it due to the tax disputes.

“Cross-border transformation including new tax treaties could result in 25-35bn francs outflows over the next few years,” the bank said according to slides for the presentation.

If you have Unreported Income From Swiss Banks, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).


Source

CityA.M.

1 comment:

  1. I don't really have much sympathy. I am sure the Swiss are doing a great deal of hand-wringing and worring, but for other finance centres that have refused to do non-tax compliant business for years, it is about time.

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