Zurich Insurance fined in the US for tax evasion
SWITZERLAND: Life insurance company fined for aiding US tax evasion
Swiss-based Zurich Insurance has agreed to pay USD5.1 million to the US Department of Justice for helping Americans evade taxes through the purchase of unit-linked insurance policies between 2008 and 2014. The firm issued 420 US-related policies, worth a total of USD100 million, that did not qualify for US tax relief but were not declared to the US tax authorities in foreign bank account reports.
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