Switzerland, U.S. sign pact on fighting tax evasion

[Catch2.2]

Source: Yahoo

WASHINGTON (Reuters) - Advancing a U.S. crackdown on tax evasion by Americans, the U.S. Treasury Department said on Thursday that Switzerland and the United States have signed a pact to make Swiss banks disclose information about U.S. account-holders.
The agreement is the latest in a series between the United States and other countries designed to carry out the Foreign Account Tax Compliance Act, or FATCA, enacted in 2010.
The Swiss deal is the first of its kind and differs in key ways from previous pacts. It requires Swiss banks to sign up directly with the U.S. Internal Revenue Service, while giving the banks a way to avoid violating Swiss financial secrecy laws....


Read more: http://news.yahoo.com/switzerland-u-sign-pact-fighting-tax-evasion-020645980--sector.html

[Drunken Irishman]

1. Uh oh, Mitt! UH OH!

[wake.up.america]

2. "What's Love Got To Do With It?" Tina in Switzerland,as you know

[Trascoli]

8. They should make the Islands join too

That's were much of the fraud occurs

[pampango]

3. "The agreement is the latest in a series between the United States and other countries...since 2010.

In signing the pact, Switzerland joins Britain, Denmark, Ireland and Mexico as countries that have finished FATCA IGAs with the United States.

The Treasury is working with more than 50 countries to complete deals, but negotiations have not progressed with key U.S. trading partners Canada and China.

Also, the Swiss deal is not reciprocal, meaning the IRS will not provide Switzerland with information about Swiss citizens' accounts in U.S. banks.

Some IGAs have limited reciprocity. The Obama administration is considering asking Congress for the power to require U.S. banks to provide more information about foreigners' accounts to the clients' home governments.

The Obama administration is implementing this law aggressively which is a good thing. It is odd that these agreements are not reciprocal. Our financial industry must want hidden Swiss, British and Mexican money, but those countries have to report on Americans with hidden money in their financial institutions.

[IthinkThereforeIAM]

4. Will it include incriminating information on Phil Gramm...

...former Senator from Texas and current UBS executive? You know, the guy that told the SEC that if they ask for more funds for regulation enforcement, that he would defund their agency, among other nefarious acts while serving as a congress critter.

[Maineman]

5. Does the agreement with England include the Cayman Islands ???

[Quantess]

6. Sounds like a plan.

[trublu992]

7. This is a huge problem that's incredibly difficult to tackle glad to see someone start the process

Keep finding reasons to love the President