American Tax Officer-Chapter 547 - 277: Accept the Charges, UBS Group!_2

Chapter 547: Chapter 277: Accept the Charges, UBS Group!_2

Recollecting his thoughts, Jace asked again, “Why is the yield of these two products so high? Explain the reasons to me in detail!”

“It’s simple, it’s like this…”

“You mean to say, the reason why these two products have such high yields is that they do not require the payment of taxes?”

Having delved deeper, Jace’s eyelids twitched.

What is the one thing you should never do in America?

That’s tax evasion!

And now with Director David and the IRS clearly targeting Swiss Bank, if they actually found such a significant instance of tax evasion, it would be game over!

“Mr. Jace, strictly speaking, these two products cannot be considered tax evasion and do not violate American regulations…”

The person in charge added.

“How so?”

“According to the explicit regulations of American tax law, this is legal tax avoidance!”

“Although it’s legal, as soon as you avoid taxes, there’s a possibility it could be defined as tax evasion. And Director David is best at this kind of thing; could he really catch us out?”

“President, if it was that easy to be caught, these two products wouldn’t have been selling well in America for five years, because it’s done through…”

After the person in charge explained further, Jace felt somewhat relieved.

Profiting from foreign stocks and diversified purchasing behaviors, these two products were indeed hard to pin down.

If the IRS really wanted to investigate, they would need to go through the records of dozens of entities and find those specific individuals in charge.

But these entities and people in charge are mostly interconnected across international communities, so saying it is like finding a needle in a haystack is not an exaggeration.

He didn’t quite believe that Director David could find so many specific individuals responsible and the corresponding information in such a short amount of time.

Los Angeles IRS,

After the media at the scene understood what the products CUUO and CUUI were, Director David continued, “I believe there are many people here, as well as many viewers in front of the TV, who have experienced purchasing these two products, either themselves or through friends.”

“Indeed, the return on these two products is higher than many financial products offered by banks, but I can explain to you why this is the case!”

“First, there’s CUUI. The operational method of this product mainly exploits the tax discrepancy between domestic and foreign investors. Foreign investors pay more taxes on dividends, but they can sell their shares briefly to related banks, evade the related taxes, and then buy them back, with the savings distributed among all parties involved, which is why you get such a high rate of return!”

The most uptodat𝓮 n𝒐vels are published on freёnovelkiss.com.

“Next is CUUO. As a stock transaction product, it involves selling and rebuying on the very day that stock dividends are distributed. Because the transactions are so short, tax agencies are unable to determine who exactly owns the shares at any given time, and thus, both buyers and sellers can receive capital gains tax refunds. This is why the yield of this product is so high!”

After hearing this explanation, the media reporters at the venue fell silent, contemplating the situation.

Previously, many of them were speechless at David’s claim that he was not targeting Swiss Bank for retaliation.

But now, if these two products really do evade taxes, as David said, contributing to their high returns, that changes everything.

After all, in many cases before David’s review, by making use of the Profit from Black Tax Laws clause, he had sent quite a few people to prison.

And this profit clause, if applied to Swiss Bank’s two current products, seems to fit as well.

“Wait a minute, Director David, if these two products really involve tax evasion, is the public’s money safe?”

Just as everyone was mulling over this, a BBC reporter asked the question, and it instantly caused an uproar both inside and outside the venue.

As mentioned before, many people within America have purchased these two products because of their high yields.

But if they now implode due to tax issues, would their money just evaporate too?

At that thought, concerns for the security of their own funds outweighed any concerns related to Swiss Bank or tax evasion!

“Although there are issues with these two products, after all, they are issued by Swiss Bank, which is an institution that’s been around for a century. Even if there are problems, I’m confident they will be able to take responsibility!”

David was ostensibly consoling the public, but in fact, he was also insinuating something about Swiss Bank.

Nevertheless, after listening to his comments, the reporters on the scene and the public online were indeed reassured quite a bit.

That’s also true, even if there are issues with these two products, Swiss Bank, after all, has a long-standing reputation and is a leader in the banking industry; it should be able to take responsibility.

UBS Group headquarters.

Upon hearing David’s insinuation, Jace and the other executives did not look pleased.

David was able to investigate the profit model of these two products so thoroughly; it seemed he had already obtained some core information.

Moreover, his insinuation appeared to carry a deeply meaningful undertone, giving them an ominous feeling.

“Yamarin, he may be planning to sue us over these two products. Your department needs to come up with a response plan immediately,” Jace said to the head of the group’s legal department.