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Brazil's Government Asks UBS AG To Pay BRL92.3 Million In Back Taxes-Reuters

Tuesday, 27 Aug 2013 12:15pm EDT 

Reuters reported that Brazil's government wants UBS AG to pay BRL92.3 million ($38 million) in back taxes it says it is owed by the Swiss lender's local brokerage unit, the latest attempt by authorities to tighten tax oversight on Big companies. Brazil's Federal Revenue Service claims Link Corretora, which UBS took over in February, did not pay taxes related to capital gains stemming from the divestment of shares in Bovespa Holding SA, a São Paulo-based spokeswoman for UBS said, adding that the risk of losing the case was 'possible.' 

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