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TAX HAVENS
(2008-07-17)
(wgvu) - TAX HAVENS
Senate panel says billions in European tax havens

GENEVA (AP) - A Senate subcommittee says banks in Liechtenstein
and Switzerland are helping Americans duck about 100 billion
dollars a year in U.S. taxes.
Subcommittee chairman Carl Levin of Michigan says the banks
offer tax havens that lead to a greater burden on honest American
taxpayers.
The report takes special aim at Switzerland's UBS AG, one of the
world's biggest wealth managers, and Liechtenstein's LGT group,
which is owned by the principality's royal family.
The subcommittee says UBS did not technically violate U.S.
reporting rules, but did help clients structure their Swiss
accounts to avoid disclosure responsibilities.
A hearing is scheduled for today on Capitol Hill.
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