In its latest crackdown on offshore tax evasion, the US Internal Revenue Service (IRS) has asked a federal judge in Miami to force UBS Group to turn over financial records from the Singapore account of US citizen Hsiaw Ching-Yeo.
The regulator has alleged that Ching-Yeo, who currently lives in China, has not filed a US income tax return since 2004, despite earning over $100,000 in the US from 2005 to 2007.
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The judge has asked UBS to show up in court on 31 March to clarify why it has refused to supply the records of Ching-Yeo from 1 January 2001 to 31 December 2011.
The account records would help IRS evaluate Ching-Yeo’s correct federal tax debt from the period between 2006 and 2011.
In response, the Swiss bank has said that it failed to present the records as Singapore’s bank secrecy laws restricts disclosure without permission from the person concerned, which Ching-Yeo has not provided.
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By GlobalData
