Comments on: Swiss Parliament will attempt to approve UBS settlement http://hodgen.com/swiss-parliament-will-attempt-to-approve-ubs-settlement/?utm_source=rss&utm_medium=rss&utm_campaign=swiss-parliament-will-attempt-to-approve-ubs-settlement International Tax Law Mon, 21 May 2012 17:24:25 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Phil Hodgen http://hodgen.com/swiss-parliament-will-attempt-to-approve-ubs-settlement/#comment-119 Phil Hodgen Thu, 22 Apr 2010 00:26:48 +0000 http://www.hodgen.com/?p=2194#comment-119 I'm on a plane to Riyadh right now. I heard second hand that the various parties are lining up a majority to approve this. But don't count on that as gospel since I'm not in a position to verify it. @phil I’m on a plane to Riyadh right now. I heard second hand that the various parties are lining up a majority to approve this. But don’t count on that as gospel since I’m not in a position to verify it.

@phil

]]> By: James Freeman http://hodgen.com/swiss-parliament-will-attempt-to-approve-ubs-settlement/#comment-118 James Freeman Wed, 21 Apr 2010 23:33:34 +0000 http://www.hodgen.com/?p=2194#comment-118 I have not been able to find any information regarding the bill which was supposed to be presented to the Swiss parliament last month. What has happened, if anything? I have not been able to find any information regarding the bill which was supposed to be presented to the Swiss parliament last month. What has happened, if anything?

]]> By: Phil http://hodgen.com/swiss-parliament-will-attempt-to-approve-ubs-settlement/#comment-117 Phil Tue, 16 Mar 2010 21:33:31 +0000 http://www.hodgen.com/?p=2194#comment-117 Thank you for the comment. Much appreciated. This helps clarify things immensely for me. Thank you for the comment. Much appreciated. This helps clarify things immensely for me.

]]> By: Horst Kirchner http://hodgen.com/swiss-parliament-will-attempt-to-approve-ubs-settlement/#comment-116 Horst Kirchner Tue, 16 Mar 2010 09:27:06 +0000 http://www.hodgen.com/?p=2194#comment-116 It may help you to understand the Swiss referendum system by reading this brief description: http://live.swissworld.xwave.ch/en/politics/peoples_rights/peoples_rights/ One doesn't have in Switzerland the "judicial review" process quite the way it exists in Common Law countries. And Switzerland does not have a head of government or head of state quite like other countries: the position rotates among the Federal Council on an annual basis (the collection of ministers of state). Most people could not say who the current president is without looking on the Internet (it's Doris Leuthard this year). There are multiple political parties, including many fringe ones. Average family income in the region where I am is said to be around US$50,000 a year. How much sympathy there is for tax evaders remains to be seen although sovereignty is certainly an issue. Swiss taxes are not low, and there is a wealth tax (not creditable on Form 1116 for US payers). The UBS story is a source of shame, especially since UBS lied to the IRS about their future conduct (and doesn't that tie in with the Salisbury case in a certain sense?) The cantonal banks, the private banks and the cooperative banks (Raffeisen mainly) have avoided any exposure in the US -- whether or not they have QI agreements -- perhaps thinking of the Van deMark v. Toronto-Dominion Bank case (the bank had to pay the IRS the money claimed on a theory of transferee liability; but the Ontario court made them pay Van deMark too). It may help you to understand the Swiss referendum system by reading this brief description: http://live.swissworld.xwave.ch/en/politics/peoples_rights/peoples_rights/

One doesn’t have in Switzerland the “judicial review” process quite the way it exists in Common Law countries. And Switzerland does not have a head of government or head of state quite like other countries: the position rotates among the Federal Council on an annual basis (the collection of ministers of state). Most people could not say who the current president is without looking on the Internet (it’s Doris Leuthard this year).

There are multiple political parties, including many fringe ones. Average family income in the region where I am is said to be around US$50,000 a year. How much sympathy there is for tax evaders remains to be seen although sovereignty is certainly an issue. Swiss taxes are not low, and there is a wealth tax (not creditable on Form 1116 for US payers). The UBS story is a source of shame, especially since UBS lied to the IRS about their future conduct (and doesn’t that tie in with the Salisbury case in a certain sense?)

The cantonal banks, the private banks and the cooperative banks (Raffeisen mainly) have avoided any exposure in the US — whether or not they have QI agreements — perhaps thinking of the Van deMark v. Toronto-Dominion Bank case (the bank had to pay the IRS the money claimed on a theory of transferee liability; but the Ontario court made them pay Van deMark too).

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