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article imageTax investigation will target 150 US citizens

By Jane Fazackarley     Aug 19, 2009 in Business
Court documents issued in the United States say over 150 customers of the UBS bank based in Switzerland are to be investigated for attempting to avoid paying tax.
The documents accuse those listed of attempting to hide away some of their income and assets so they would have not to pay taxes in the United States.
The US government and UBS recently moved nearer to ending their dispute concerning the evasion of tax by some US citizens.
This could mean an end to secret Swiss bank accounts used to hide money.
The agreement between UBS and the United States should be completed today.
The US Justice Department is reported to want the details of around 50,000 customers from the states who have Swiss bank accounts.
Up until recently UBS had said that giving out details of its customers would go against secrecy laws which were set up in Switzerland.
Earlier this year the Swiss bank agreed to pay $780 million to settle claims that the bank had allowed US customers to evade tax payments and gave some details of its customers to the US.
Officials in the States said that they weren't doing enough and a new legal battle was started to find out the names of it's US based customers.
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