Face book's Mark Zuckerberg may get all the hype in the romping road show run-up to the company’s historic IPO. But the latest news-grabbing Facebook co-founder is Eduardo Saverin, best known for his bitter legal battle with Mr. Zuckerberg as portrayed in the move The Social Network. Now Mr. Saverin may become even more renowned…
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Swiss Bank Whistle-Blowers Have Handed Over Data to U.K.
Bloomberg - Whistle-blowers at two Swiss banks have handed over client account data to U.K. tax authorities, according to two people with knowledge of the matter. The Revenue Authorities are examining the data before writing to U.K. resident account holders and sharing the information with other countries. At least one of the banks is foreign-owned and has…
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Foreign Banks refuse to handle accounts of Americans.
That's what some of the world's largest wealth-management firms are saying ahead of Washington's implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings, Deutsche Bank, Bank of Singapore and DBS Group Holdings all say they have turned away business. "I…
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It may be better to take a hit on FATCA?
The Association of Investment Companies (AIC) has suggested to members with modest investments in US securities that they may be better off not signing up to controversial tax initiative FATCA and taking the penalty charge. FATCA, or the Foreign Account Tax Compliance Act, is a set of measures designed to fight offshore tax evasion by…
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