Swiss finance minister reportedly expects tax shortfall because of UBS

Discussion in 'Wall St. News' started by ASusilovic, Apr 2, 2008.

  1. Switzerland's finance minister Hans-Rudolf Merz expects the country to receive 1 billion Swiss francs, or $1 billion, less in taxes for 2007 as a result of the crisis at UBS AG , he told Swiss daily Tages-Anzeiger in an interview published Wednesday.
    "We have to expect that UBS won't pay profit tax", Merz said. He add that the country's tax income will also fall as UBS won't pay out a dividend, which will curtail tax income from UBS shareholders.
    Meanwhile, Merz said that outgoing UBS chairman Marcel Ospel had called him Monday evening and informed the minister about his decision to leave the bank.}&dist=msr_5

    No profit tax ?...Outsch

    :D :D :D
  2. How much of a 'tax shortfall' does Switzerland give the rest of the continent by hiding wealth from respective governments?

    This is really getting to be enjoyable.