American Tax Officer-Chapter 554 - 280: UBS Group Backing Down?_2
Chapter 554: Chapter 280: UBS Group Backing Down?_2
America is after all UBS Group’s largest source of funds and revenue, so after much deliberation, the top brass at UBS Group ultimately unanimously decided that if the Internal Revenue Service really had enough evidence to prosecute them, then they would have no choice but to compromise.
Otherwise, once the Internal Revenue Service completely froze all their operations, their losses would be incalculable.
And as for whether a compromise would cause panic among the global wealthy, they had already devised a follow-up plan, but that’s a story for another time.
“Let’s hear it!”
“It’s simple, we won’t hand over the Sackler family’s assets directly to you, but instead transfer them back to their accounts in America!”
This was a plan that Yamarin’s team and the headquarters’ senior executives came up with after a night of discussion.
Although this approach did seem somewhat like burying their heads in the sand.
But strictly speaking, it wasn’t their Swiss Bank proactively handing over client assets.
After all, I haven’t cooperated with the Internal Revenue Service, we’ve just transferred the money back to your personal accounts. If the IRS seizes it, that’s none of our business.
“Mr. Yamarin, I must say you’re quite clever!”
Director David also found their ostrich-like approach amusing.
But no matter, as long as they were willing to hand over the money, he didn’t mind whether it was ostrich-like or not. After all, money in the pocket was what truly mattered!
Yamarin continued, “That’s just one of the conditions. As for the second, your Internal Revenue Service must immediately cease their investigation of us and allow our operations to resume. We will not pay any fines!”
Director David shook his head, rebutting, “It’s no problem to cease the investigation, and resuming your operations is fine too, but the fines cannot be waived!”
Upon hearing this, Yamarin and the others were instantly displeased, and then it was Humphrey’s turn to speak, “Director David, we are risking our reputation to indirectly hand over the Sackler’s assets to you, and that’s saying something. Do you realize what other pressure we are under?”
“To be honest, after our conversation yesterday, Freemasonry sent representatives to see us. They threatened us, saying that if we dared to hand over the Sackler family’s assets, there would be serious consequences. We are under enormous pressure right now, so is it excessive to ask for a waiver of the fine?”
Director David was somewhat surprised to hear that Freemasonry had approached them, but he quickly recovered.
Swiss Banks are the world’s safest and most famous banks, and it’s quite normal for Freemasonry to deposit their funds there.
This group feared that if the precedent set by the Sackler family case were followed, their own funds would no longer be secure, hence, they threatened UBS. This was also perfectly normal.
“Mr. Yamarin, this is an issue between you and Freemasonry, which has nothing to do with us. Besides, how much money have you earned with these two products in America? Now we’re asking you to pay back some tax evasion fines, is that so unreasonable?”
“Moreover, if you don’t pay this fine, wouldn’t it be as though our Internal Revenue Service was acting without cause? Wouldn’t it prove we are retaliating because you did not hand over the Sackler family’s assets?”
Director David said without any emotion.
“You…”
Yamarin Humphrey and the others were fuming with anger.
If it weren’t for you, Director David, forcing us to hand over Sackler’s assets, would Freemasonry have come knocking on our door to threaten us?
And we have already made such a significant concession, yet you, Director David, won’t budge at all?
This is too much!
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If it wasn’t for knowing that Director David had leverage over the two products they offered, they would probably want to storm out now!
Ignoring their anger, Director David raised his right hand and looked at his watch, speaking with a hint of meaning, “Time is getting on…”
“Fine, Director David. But I want to ask you one question first, how much are you looking to penalize us?”
Yamarin asked through gritted teeth.
Director David pulled out a document from the folder beside him, tossed it toward Yamarin, and said, “According to our investigations, by using these two products, you’ve attracted a total of 56.83 billion US dollars in funds, which then generated a yield of 41.2 billion,”
“These two products were launched on November 3, 2016, and according to the new policies at that time, the corporate income tax rate was raised from 21% to 28%, while the minimum tax rate went from 15% to 21%. In addition, companies valued at over 10 billion US dollars must pay at least 21% in taxes. For multinational companies, the overseas income tax rate was increased from 10.5% to 21%…”
“Years have passed till today, and America’s tax rates have undergone several changes. However, given your cooperation regarding the Sackler’s assets, I have calculated a more favorable tax rate for you, which is 20%. That means you only need to pay the Internal Revenue Service tax revenue of 8.24 billion dollars.”
Hearing the figure of 8.24 billion US dollars, the faces of all the members of UBS Group’s legal department turned green.
My God, 8.24 billion is considered a discounted tax rate?
That’s an astronomical fine!
Yamarin, holding back his anger, contended, “Director David, this is a bit too much, 8.24 billion is not a small amount, and besides, our UBS Group pays so much in taxes to your Internal Revenue Service every year.”
