Sunday, November 3, 2013

U.K., Austria Exact Their Pound of Flesh from Switzerland for Enabling Tax Cheating (11/3/13)

As reported in Swiss Pay $1.6 Billion to U.K., Austria in Tax Agreements (NASDAQ Dow Jones 11/1/13), here.
Switzerland's tax authority Friday said it has transferred around 1.5 billion Swiss francs ($1.6 billion) to the U.K. and Austria this year as part of deal to settle untaxed assets held in Swiss banks. 
The payments are part of the Swiss government's goal of settling long-standing tax disputes over funds held in Swiss bank accounts, with the U.K. and Austrian governments agreeing deals last year, taxing undeclared assets in return for ongoing anonymity.

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