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Home > Services > For Institutions > Customer Tax Regularizations
Tax Regularizations
We routinely assist clients with regularizing their tax situation with relevant tax authorities. We have particular expertise in working with counsel from various jurisdictions to conduct simultanious voluntary disclosures for global families. It is almost always beneficial to contemporaneously regularize undeclared or misreported taxes with all relevant taxing authorities to fully maximize tax credits and benefits under tax treaties.
For banks and companies wishing to clarify the tax position of their customers, we conduct a file-by-file review: because we are based in Switzerland, we can easily do this at the client’s premises, so that we can speak to relationship managers, and try to simultaneously understand the background and needs of the beneficiary family. Conducting an internal review of files is a cost-effective way of shifting direction, particularly given our fee structure. As we review a file for existing tax liabilities, a better solution can generally be envisaged. These, to our mind, go hand in hand, and make commercial sense. When our clients explain regularization to their clients, they can at the same time present a genuine long-term planning solution, tailored to the post-regularization needs of the individual.
We also provide training for those wishing to understand the advantages and mechanisms of voluntary disclosure programs. Whilst we believe that voluntary tax regularization programs offer the best solution for individuals, we are sensitive to the concerns and perceptions of those working in the industry. Part of our job is to make the process of adapting to the newly transparent world, as painless as possible. We listen, and we understand. Our extensive experience in this area means that we are genuinely sensitive to the concerns of both individuals and institutions alike. We treat all clients with the courtesy and respect they deserve.
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U.S. Tax Regularizations
We help clients make voluntary disclosures to the U.S. Internal Revenue Service (IRS) by counseling clients through the process, determining the amount of nature of any unreported income and representing clients before the IRS.
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U.K. Tax Regularizations (Liechtenstein Disclosure Facility)
We handle U.K. tax regularizations routinely. The Memorandum of Understanding between the governments of Liechtenstein and Britain, requires all Liechtenstein financial intermediaries to identify U.K. resident clients who may not be tax compliant, and either satisfy themselves as to the customer’s compliant status, or terminate the business relationship, before 31 March 2015. We are able to assist financial intermediaries in this process, not only by undertaking a review, but also by providing customers thereafter with a managed solution, both in terms of regularization and post-regularization structuring alternatives aimed at promoting future investment and tax efficiency.
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