UBS tax settlement delayed

10th August 2009, Comments 0 comments

Swiss bank UBS and the US government will continue negotiating a settlement on a tax fraud case.

Miami -- Swiss bank UBS has not reached a settlement with the United States in a tax fraud case and the parties are "still talking," a Justice Department lawyer said Friday.

"The parties are still talking," Stuart Gibson, representing the US government, told US District Judge Alan Gold in a conference call monitored by reporters.

Gibson asked the judge to delay the rest of the conference call a few hours to allow the discussions on the diplomatically sensitive case to continue.

The judge agreed and rescheduled it for 15h30 GMT.

The case, which is scheduled to go to trial on Monday, stems from a US lawsuit filed earlier in 2009 seeking to force the Swiss bank to identify Americans holding offshore bank accounts to evade taxes.

The case could affect as many as 52,000 Americans who hold UBS accounts and could be prosecuted for tax evasion.

Gibson told the judge on 31 July that the parties had reached an agreement in principle on the major issues.

AFP / Expatica

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