Credit Suisse Targets $94 Million Hit From UK Tax Deal
Credit Suisse forecasted that they are expecting a loss of CHF90 million or something in the area of US$94.1 million from the British-Swiss deal that is aimed at sweeping Swiss banks clean from the undeclared money held in the accounts of UK clients.
Part of the withholding tax agreement made between Britain and Switzerland, the Swiss bank funded an estimated CHF500 million pool as part of to guarantee client's payments above a margin that was set for a minimum of CHF800 as part to meet tax obligations.
The Swiss Bankers Association, which is the lobbying organization for Swiss Banks, announced that the implementation for the agreement is on track and fewer untaxed assets came to lighter than originally forecasted.
Credit Suisse Group AG, with headquarters in Zurich, is a multinational financial services holding company which operates the Credit Suisse Bank and other financial services and investment firms around the world.