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UBS Group AG has come to an understanding with the US Internal Revenue Service (IRS), following a disagreement over client accounts in Singapore that had alleged tax evasion. The latest round of talks between the two groups has resulted in an agreement by UBS to supply the IRS with tax records of Ching-Ye Hsiaw, an American client and US citizen living in China, part of the group’s bid to combat tax evasion, per a recent Bloomberg report.
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The case is noteworthy ... (read more)