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February 2011

Deutsche Bank settles US Tax case for $ 553 million

By Raman Jokhakar
Tarunkumar G. Singhal
Chartered Accountants
Reading Time 1 mins
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46 Deutsche Bank settles US
Tax case for $ 553 million


Deutsche Bank admitted
criminal wrongdoing for taking part in fraudulent tax shelters that let clients
hide billions of dollars, and agreed to pay $ 553.6 million to settle the case,
US prosecutors said on Tuesday.

The settlement is part of a
larger US government effort to crack down on banks that help wealthy Americans
evade taxes. Prosecutors last year settled with Swiss bank UBS, which paid $780
million in fines for helping clients with roughly $20 billion in assets hide
their accounts from the US Internal Revenue Service.

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