AS per media reports, the CEO of UBS AG has said that Switzerland's tax
row with the USA and EU has become an 'economic war', which may risk about 20000
local jobs.
After
the UBS AG was caught by the IRS hiding account details of American citizens,
and the UBS agreeing to pay a huge penalty in lieu of prosecution, the US
Revenue Authorities have launched probe against as many as 11 Swiss banks,
including Credit Suiss.
Taking a cue from the US, the UK also twisted the arms of the Swiss Banks
and finally entered into an agreement whereby the Swiss Govt is to deduct tax
from the accounts of the British citizens having offshore accounts in Swiss
Banks.
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