A US federal judge has agreed to allow the country's internal revenue service (IRS) to serve legal papers on Swiss banking giant UBS.
This follows the beginning of a US tax probe into whether wealthy Americans are using Swiss bank accounts to hide assets worth billions of dollars and avoid taxes. Under the order UBS will have to produce records identifying US taxpayers with accounts held at the bank who elected to have their accounts remain hidden from the IRS. It is illegal in the US to actively evade paying income tax on earnings.
(Deutsche US authorities probe UBS over tax ...
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