UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources said today. The swiss bank will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS’s French subsidiary will also go on trial for complicity.
“UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made,” the bank said in a statement. “We will continue to strongly defend ourselves and look forward to a fair proceeding.”
Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, with Italy’s Economy Ministry on one hand and Switzerland’s Confederation’s Tax Administration on the other.
The agreement, which took effect on March 2, aims to further enhance transparency following a previous accord which was introduced last summer, the italian ministry said in a statement on Tuesday.
Cristiano Ronaldo and Jose Mourinho could have been involved in a multi million-euro system of "tax evasion", according to leaked documents obtained by a number of media outlets.
A group of 12 European newspapers said it intends to disclose over the next three weeks the results of investigations, based on 18 million documents of leaked data, into widespread alleged corruption at the heart of football under the banner "Football Leaks".
Based on leaked documents obtained by German weekly Der Spiegel, the outlets claim that Real Madrid and Portuguese star Ronaldo could have "hidden 150 million euros in tax havens in Switzerland and the British Virgin Islands".
"On this amount, the striker paid only 5.6 million euros in taxes, or barely four percent," added the report.
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