Zurich to pay $5.1 million penalty to U.S. in tax-evasion case
Reuters
Published Apr 26, 2019 12:58AM ET
Zurich to pay $5.1 million penalty to U.S. in tax-evasion case
ZURICH (Reuters) - The U.S. Department of Justice (DOJ) said late Thursday that Zurich Insurance will pay a penalty of $5.1 million to the United States in a case involving insurance policies and accounts used by U.S. customers to evade taxes.
"From Jan. 1, 2008, through June 30, 2014, Zurich issued or had certain insurance policies and accounts of U.S. taxpayer customers, who used their policies to evade U.S. taxes and reporting requirements," DOJ said in a statement.
"Zurich had approximately 420 U.S. related policies...with an aggregate maximum value of approximately $102 million, for which the U.S. taxpayer customers did not provide evidence that they had declared their policies to U.S. tax authorities," it added.
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Written By: Reuters
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