Swiss contact 500 UBS clients on tax probe

25th November 2009, Comments 0 comments

Swiss authorities informed UBS clients suspected of tax evasion whether their data would be given to the US.

Bern -- Swiss authorities said Tuesday they had informed more than 500 UBS clients suspected of having evaded taxes in the United States whether their data would be transmitted to US tax authorities.

"Within the scope of a request for administrative assistance from the US tax authorities, the Federal Tax Administration has already processed over 500 cases," said the administration in a statement.

"The respective conclusive decrees to UBS clients have been issued and sent off," it added.

Affected UBS clients can now appeal within 30 days against the decision at the Federal Administrative Court, which will make a final decision.

The details would be transmitted only if no appeal is made or after the court rejects any appeal.

Under the out-of-court settlement for a lawsuit, UBS agreed to disclose up to 4,450 names of American clients to US tax authorities.

Current legislation requires UBS to pass these details to the Swiss government, which in turn would decide if they should be transmitted to the United States.

Swiss authorities said earlier in November that US clients of UBS with more than CHF 250,000 (EUR 165,641, USD 248,040) in assets could have their details given to US tax authorities if there is proof of fraud.

For those who have not disclosed their accounts, their records would only be provided to US tax authorities if the account held more than CHF 1 million at any time between 2001 and 2008, the Swiss Federal Office of Justice said here.

AFP / Expatica

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