Wednesday, July 8, 2009

More Money Please

ZURICH--Switzerland will prevent Swiss bank UBS (UBS: 11.74, -0.01, -0.09%) from handing over bank client information to U.S. tax authorities, which would breach Swiss law, the Justice Ministry said on Wednesday.

U.S. authorities have asked UBS to hand over information on 52,000 Americans holders of secret bank accounts in Switzerland suspected of dodging U.S. taxes.

A court hearing on the case starts in Miami on July 13.

"Swiss law prohibits UBS from complying with a possible order by the court in Miami to hand over the client information," the Swiss justice ministry said in a reply to the U.S. authorities posted on its website.

"All the necessary measures should be taken to prevent UBS from handing over the information on the 52,000 account holders demanded in the U.S. civil proceeding."

Guess some countries do not appreciate being dictated to by other countries. As for now, some feel it still important that their laws and business practices remain in tact.

LIBERTY: immunity from arbitrary exercise of authority: political independence

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  1. the current US Administration should back bullying the Swiss. Obama an his croneys are subscribing to the "gentle, listen and learn, non dictating policy" to Iran and North Korea. To the Swiss not a chance. The Swiss won't fight back with bombs and killings. Obama has a different policy for them. Dictate to them. Have them comply with OUR tax laws.(laughable)Soon the EU countries will use this as precedent and demand that the US comply with their tax laws. Then all the EU citizens will take their money out of our banks and our economy will COLLAPSE! The US is a big tax haven for foreigners. Non resident aliens pay no taxes on interest earned in the US.

  2. I do not know if it has changed; a non resident living in our country for over six months was obligated to pay taxes to the us government on his 'worldly income'

  3. Well, I guess Geithner should know how to evade taxes. He did it for years. It is embarassing to have a tax evader dicating anything about taxes. I don't understand how the administration doesn't see that. Oh, wait I do understand.


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