From yesterday's
New York Times, an article about the U.B.S. tax case. For those of us who are dying to have a peek at the names of the 52,000 rich Americans who are evading taxes by putting their money in the Swiss bank, it looks as if we may have to wait.
The funniest bit of this article is toward the end, where it says that "The Swiss agreed in March to abide by Article 26 of the Organization for Economic Cooperation and Development's tax convention, which requires national tax authorities to exchange information on request if there is probable cause to suspect tax evasion." But in the previous paragraph it had said that "Switzerland distinguishes between tax fraud and tax evasion, and does not consider tax evasion to be a crime." So they are solemnly pledging "to exchange information on request if there is probable cause to suspect tax evasion," but they don't regard tax evasion as a crime. Hmm... —cs
For more on tax havens, see our May/June cover article.
Swiss Vow to Block UBS From Providing Data to U.S.
Read the original article.