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Swiss banks can reveal client data to US tax authorities

Swiss banks can reveal client data to US tax authorities. Please Read:. Switzerland's highest court ruled on Friday that Swiss bank Credit Suisse was free to transfer data to US authorities concerning clients suspected of tax dodging, ending a long series of legal challenges.

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Swiss banks can reveal client data to US tax authorities

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  1. Swiss banks can reveal client data to US tax authorities

  2. Please Read: • Switzerland's highest court ruled on Friday that Swiss bank Credit Suisse was free to transfer data to US authorities concerning clients suspected of tax dodging, ending a long series of legal challenges. • It said the US demand was "detailed enough to show grounds for suspecting tax fraud or similar offences and to allow the identification of the wanted persons.“ • The US request for assistance concerned a company with an account declared to Swiss tax authorities, but whose beneficiaries all lived in the United States.

  3. The court ruled that the clients' decision to open an account through a firm not subjected to US taxation could be considered an attempt to dodge US taxes. • Swiss banks are believed in the past to have accepted billions of dollars belonging to American citizens who have not declared these assets to US tax authorities, though they now refuse such money.

  4. Comprehension: • What did Switzerland's highest court rule on Friday? • What were the clients suspected of doing? • What was the US able to show to the High Court for them to make this decision? • In the past, what are Swiss Banks believed to have accepted?

  5. Vocabulary • Transfer • Data • Dodging • Suspecting • Fraud • Offences • Authorities • Beneficiaries • Assets • Refuse

  6. Writing • Do you have any bank accounts in different countries? Why or why not? • Are you comfortable with the fact that another country will have all this information? Or if you don’t have an account, do you think it is right what the US have demanded? Give reasons for your answer.

  7. Conversation • Why do you think people open accounts in different countries? Why specifically Swiss accounts? • Why do people always run away from paying taxes? • Do you think the tax system is fair in France? • Are you happy with what the government has to provide you with? • If there was something the government could improve in the country using your taxes, what would you want it to be?

  8. Source "Swiss banks can reveal client data to US tax authorities - BANKING - FRANCE 24."International breaking news and headlines - FRANCE 24. N.p., n.d. Web. 17 July 2013. <http://www.france24.com/en/20130705-court-swiss-banks-reveal-data-suspected-usa-tax-dodgers>.

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