No tax haven for the wicked - or anyone else!

The upmarket financial services company Credit Suisse will pass details of wealthy Americans with Swiss accounts to the Swiss government, bringing the American tax authorities closer to obtaining the names of alleged tax cheats.

Credit Suisse recently confirmed it will be complying with a request from the Swiss government information after the U.S. requested Switzerland's help to catch American citizens suspected of tax fraud. Credit Suisse is advising its American clients that it has agreed to pass information to the authorities.

Swiss bank secrecy has helped the country become the world's biggest supplier of offshore banking but the Swiss authorities are facing increased pressure from governments concerned about the scale of tax evasion and the impact it has upon their economies as the world recession bites.

The U.S. tax authorities, who suspect many tens of thousands of Americans are of evading taxes through Swiss private banks, are conducting criminal investigations into Swiss financial institutions, including Credit Suisse.

The Swiss and American Authorities have been trying to secure a deal that will end investigations into U.S. clients at a number of Swiss banks in return for payment of fines and the transfer of the names of clients who are under suspicion of tax evasion.

Switzerland has agreed to do more to help other countries hunt tax cheats, recently securing deals with Britain and Germany to regularize untaxed accounts.

While Cork Monkey beleives everyone should pay their taxes - the reframing of what is considered taxable and the greater efforts spent in getting it is probably an attempt by governments to increase revenue as the money from traditional tax receipts falls.

 Will the last tax dodger heading for an alternative tax haven please turn out the lights as they leave the country...

(:-(|)CM