Senate approves US tax probes bill

Monday 25 November 2013

Senate approves US tax probes bill

The Senate has passed a government plan to let Swiss banks settle US tax probes (Keystone)

June 12, 2013 - 15:26

The Swiss Senate has passed a government plan to let Swiss banks settle tax probes by the United States. The draft law now goes to the House of Representatives next week.

The 46-seat chamber on Wednesday approved the plan, designed to solve the issue without overturning Swiss banking secrecy laws, by 24 votes to 15 with two abstentions.

Lawmakers are divided over the plan to allow Swiss banks, suspected of helping wealthy Americans hide their money, to disclose data to US prosecutors to help settle investigations into tax evasion.

If the draft law succeeds, Swiss banks then have 120 days to hand over the internal information to US authorities.

The cumbersomely named “Federal Act on Measures to Facilitate the Resolution of the Tax Dispute between Swiss Banks and the United States” intends to put legacy issues to bed.

US prosecutors must still formally ask the Swiss authorities for client names and account details under the existing double taxation agreement between the two countries.

Swiss banks would also be authorised to pass on the names of their own employees that have been involved in US client business.

No comments:

Post a Comment

Wealth Protection Tips

Q: Should I use Secret Bank Accounts to hide money from Tax Authorities?
Ans: NO, in the case of an individual, any funds in a off-shore bank account not declared to your Tax Authority is a criminal offense and "NO" Bank can protect you.

Q: Can my Bank in a Tax Haven Country really protect my position?
Ans: NO, they have an obligation to disclose illegal dealings, if your Bank withhold such information, this remains a criminal offense and they will be party to the criminal action and be prosecuted with you.

Q; How do I protect my wealth generating assets and profits?
Ans: By using the correct global international structures and ensure your global international structures are done properly. There is no need to hide from Tax Authorities

Q: Do I need Tax Haven Countries?
Ans: You do need the correct global international structures placed in the correct Jurisdiction within certain protected Tax Haven Countries which structures ensure maximum protection of private information and assets held.

Q: Who do I contact to help me and how do I sort this out?
Ans: Premier Gold has a Wealth Protection department with highly capable experts that are more than capable to assist you and put your mind at ease.

Go to the Premier Gold Group website and submit your online request for support. They will refer your request to the experts dealing with global international structures.

Important Wealth Protection Information

The big question always remains, “How do I protect myself and my wealth generating assets against changing times and circumstances in the world?

The very first thing you should understand is as an individual owning all your wealth “personally”, you are extremely vulnerable and exposed to certain obligations by law. As a citizen of your country you are an income generating asset to your country. This is the position your country would like to protect and the very reason why law makers implement laws to protect their income (Taxes). If your assets are owned by you personally or in an off-shore trust as a beneficiary you are one with your assets and you will have no doubt “big problems” if failing to disclose as obligated. If your country controls you they control your assets and their own income (Taxes).

This is the very reason why you should consider proper international structures to clearly define the line of ownership between you and your assets. Remember your country is entitled to their income (Taxes) and they will do anything to protect that position. If you have proper international structures and the ownership of your assets is properly defined your country can legally receive what they entitled to which in no way could put you in a position where you break the law to protect wealth.