OECD Tax Treatment Will Manage the Bank Customer
Economy August 2nd, 2010
SINGAPORE – The Organization of Economic Cooperation and Development (OECD) issued a rule intended to help its customers how banks pay taxes.
We shared the banking sector will develop the rules of how the bank helped clients deal with tax, Tax Division, said OECD chief Jeffrey Owens, in Singapore told Reuters on Wednesday (24/3/2010).
Drafting the new rules will involve all banks, especially investment banks. According to Owen, this idea is still being discussed and will be discussed in the OECD meeting next September.
UBS has a tax investigation last year on charges of helping the rich United States (U.S.) hide their money in Swiss accounts. Today, UBS customers secrecy until now still under pressure. As financial institutions from Switzerland, UBS is known customer confidentiality.
OECD has urged financial centers around the world for more transparency and combating tax evasion. OECD has made a gray list the countries that do not apply the standards of international tax in full.
