Italy: Credit Suisse to pay 109.5m Euros in Italy tax probe

Author(s): UNK | Date: October 21, 2016 | Language: English
Source: http://www.businesstimes.com.sg/ | URL: https://goo.gl/a9wq7d | Type: Text

Credit Suisse Group AG agreed to pay 109.5 million euros (S$166 million) to Italian authorities investigating the bank’s past use of insurance policies, allegedly to help clients evade taxes.
The Swiss bank will pay 8.5 million euros for administrative infringements and 101 million euros in taxes, late payment interest and penalties to end the probe, Credit Suisse said in a statement on Friday.
The agreement removes another legal hurdle for Credit Suisse, which paid a fine of US$2.6 billion in 2014 for helping Americans evade taxes. It remains under investigation in the US over its mortgage-backed securities business before the financial crisis and also faces claims from former clients who say they lost money on unauthorized bets by their adviser.

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