Failure by an FFI to disclose information on their US clients, including account ownership, balances and amounts moving in and out of the accounts, will result in a requirement to withhold 30 percent tax on payments of US-sourced income.
The Berne tax authority said it was investigating bank accounts, lease contracts, work contracts and commercial registers of a now liquidated Ammann-Group subsidiary company in Jersey, a British Crown dependency.
The Crown Prosecution Service said that the charges relate to two partnerships, through which the defendants allegedly conspired to submit false tax returns as far back as 2007 to claim tax relief on the firms’ losses.
The Agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Hungarian Ambassador, His Excellency Janos Csak.
German prosecutors have raided tax offices in Bavaria in a bid to find out who leaked tax records of the Bayern Munich president, Uli Hoeness, to the press. The crime could carry a five-year jail sentence.