UBS Gives IRS Records on U.S. Citizen’s Account in Singapore
- IRS sought bank records of American client now living in China
- Case signals U.S. may be taking tax crackdown to Singapore
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UBS Group AG has ended a legal fight with the Internal Revenue Service, agreeing to hand over records on an American client’s account in Singapore as U.S. authorities seek to move beyond Switzerland in their fight against offshore tax evasion.
The case involves information that the IRS sought on the account from 2001 to 2011 for Ching-Ye Hsiaw, a U.S. citizen living in China. On Feb. 23, the agency filed a petition asking a federal judge in Miami to force UBS, the largest Swiss bank, to produce account records on Hsiaw. The IRS said it needed the records to determine Hsiaw’s income tax liabilities from 2006 to 2011.