WASHINGTON (AP) The United States and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion.
WASHINGTON (AP) — The United States and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion.
TheTreasury Department said Fridaythat the two nations had concluded negotiations on an amended tax treaty. The discussions took place as American legal authorities were conducting investigations into accusations that the giant Swiss bank UBS helped thousands of American customers evade taxes.
The Treasury secretary, Timothy F. Geithner, said the Obama administration was committed to reducing offshore tax evasion.
“This treaty will increase our ability to enforce our tax law and will help bring an end to an era of offshore accounts and investments being used for tax evasion,” Mr. Geithner said in a statement.
The protocol, which the two countries are expected to sign in the next few months, would revise the existing treaty to allow for a greater exchange of information as permitted by a model income tax convention adopted by the Paris-based Organization for Economic Cooperation and Development.
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