Swiss lender UBS has agreed to provide records on an American client’s account in Singapore office to the Internal Revenue Service (IRS), the revenue service of the US federal government.
The move follows an administrative summons served by the IRS on UBS for records pertaining to accounts held by Ching-Ye ‘Henry’ Hsiaw, a US citizen living in China.
Department of Justice said that according to the petition, the IRS needed the records in order to determine Hsiaw’s federal income tax liabilities for the years 2006 through 2011.
Hsiaw transferred funds from a Switzerland-based account with UBS to the UBS Singapore branch in 2002, the Justice department added.
Tax Division acting assistant attorney general Caroline Ciraolo said: "In this case, we filed a petition to enforce a summons for offshore documents, but that’s only one of the tools we have available for gathering information. Taxpayers with offshore assets who underreported their income should come forward before we come looking for them."