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U.S., UBS Agree on “Major Issues” in Tax Evasion Settlement Talks
printThe United States has reached a tentative agreement with UBS AG and Switzerland over a bank program that allowed U.S. tax payers to avoid reporting billions of dollars in revenue. UBS paid the U.S. Justice Department $780 million in February as part of a deferred prosecution agreement over the tax avoidance program, but the bank and Switzerland have balked at handing over more than a few hundred names of an additional 52,000 UBS accountholders who are U.S. tax payers. The bank says that such a move would violate bank secrecy laws. In a conference call Friday timed to precede a...
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