How tax havens?
In Switzerland tax-evasion is not a crime by law as failure to report or underestimation of income or asset on a tax return is not considered a crime in Switzerland. The benefit of such law is available to foreign nationals also since as per principle of non-discrimination, foreign nationals are treated at par as Swiss nationals. So if anybody has evaded tax in his country he can safely park such income or assets in Switzerland as Swiss banks do not lift bank secrecy for tax evasion unless it is not proved that the funds parked are related or attract serious crimes. Swiss banks discriminate between tax-evasion and tax fraud, the latter being criminal offence even in Switzerland. But the line of demarcation between tax evasion and tax fraud is obscure. UBS case tango The Union Bank of Switzerland is the top bank of Switzerland which is in the news due to a law suit involving the US tax investigation. Deepening recession and Government bail out packages emptied the Government coffers of
