It has been alleged that UBS has been helping wealthy Germans dodge taxes by telling them to move funds to Singapore and other money centers ahead of a Swiss tax deal coming into force in January 2012.
UBS private bank boss Juerg Zeltner said that the bank does not support clients in circumventing bilateral tax agreements, including the one with Germany.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Zeltner also outlined a host of measures which the Swiss bank had implemented following a lengthy US civil and criminal battle where it had eventually pleaded guilty in 2009 to aiding wealthy Americans dodge taxes using hidden Swiss accounts.
The bank is reported to have advised German clients to move funds to Singapore to avoid detection by tax authorities ahead of a withholding tax which may come into effect 1 January 2012.
Zeltner had rejected the accusation and added that UBS had taken initial action as early as autumn 2010 to ensure that the bank doesn’t help clients circumvent tax rules.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
