UBS - Switzerland has examined 4,450 administrative assistance cases
Bern, 26.08.2010 - The Federal Tax Administration (FTA) has concluded its administrative assistance examination relating to approximately 4,450 UBS client dossiers. It has done so by the deadline set in the administrative assistance treaty with the United States.
In the agreement of 19 August 2009 between Switzerland and the United States, criteria were defined for examining the administrative assistance request which the Internal Revenue Service (IRS), the US tax authority, submitted to the FTA on 31 August 2009. Within the scope of this administrative assistance, the FTA examined approximately 4,450 UBS client accounts and issued the corresponding conclusive decrees by the prescribed deadline.
Insofar as the decisions of the FTA are legally binding, the data was supplied to the United States. This occurred in around half of the cases. Despite the delay caused by the Federal Administrative Court's ruling, the data delivery will be largely concluded by autumn 2010.
Talks are being held between the contracting parties regarding the final stage of the agreement's implementation. Both parties are optimistic that the US authorities will receive most of the agreed account information within a reasonable period of time and that the US authorities will definitively withdraw the civil action (John Doe Summons) brought against UBS.
Address for enquiries
Mario Tuor, SIF Communications, tel. +41 31 322 46 16