US withdraws John Doe summons on UBS
Wednesday 17 November 2010 - by Andrew Hickley
The US tax authority has "fully and definitively" withdrawn the John Doe Summons served on UBS, following a delivery of administrative assistance cases by Switzerland.
A statement from IRS Commissioner Doug Shulman says data on around 7,500 accounts is expected to be received from various sources. He believes that the IRS will now look into tax dodging from other banks in other countries, stating they have "additional cases and banks in our sights".
Shulman says: "This issue is not going away, and those who try to skirt US tax laws by hiding assets and income offshore, and the banks and advisors who help them do it, will find themselves increasingly at risk due to our efforts in this area."
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