Arab Today, arab today ubs sees billions in assets outflow amid tax deals
Last Updated : GMT 13:34:54
Arab Today, arab today
Arab Today, arab today

UBS sees billions in assets outflow amid tax deals

Arab Today, arab today

Arab Today, arab today UBS sees billions in assets outflow amid tax deals

London - AFP

The boss of Swiss banking giant UBS said on Sunday that clients could withdraw up to 30 billion francs in assets due to deals between Bern and EU states to regularise untaxed funds hidden in Swiss banks. "This is an estimation that covers possible accords in the whole of Europe," UBS chief executive Sergio Ermotti told Swiss newspaper NZZ am Sonntag in an interview. "In the worst case scenario, another 30 billion francs (24 billion euros, $32.7 billion) could flow out," he said. However, Ermotti stressed that the sum would make up just "two percent of funds, that we are trusted with in asset management." Switzerland has come under intense pressure over its banking secrecy rules after the financial crisis, as industrialised economies depleted of public funds seek to claw back revenues from tax cheats. It has since done deals with Britain and Germany to regularise assets hidden by the two countries' taxpayers in Swiss banks. The accords require Swiss banks to make a cash payment, which would be returned if their clients voluntarily come forward to settle their tax dues.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs sees billions in assets outflow amid tax deals Arab Today, arab today ubs sees billions in assets outflow amid tax deals

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs sees billions in assets outflow amid tax deals Arab Today, arab today ubs sees billions in assets outflow amid tax deals

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 05:52 2017 Wednesday ,28 June

Suzanne Tamim’s father refuses to give comment

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday