Press Esc to close
Sunday 20 August 2017
News updated at 5:06 PM IST

US files for disclosure of 4,500 Swiss accounts

Last updated: 01 September, 2009
Geneva, Sep 1, DPA: 9:15 IST

The US tax agency filed with Swiss authorities for administrative assistance on information related to 4,500 bank accounts, following a deal reached between the two governments earlier this month.


The out-of-court settlement required that the country's largest bank UBS AG hand over to US authorities information on accounts that are believed to belong to clients who hid their assets from the Internal Revenue Service to avoid paying taxes. Swiss confidentiality laws generally mandate that banks are not allowed to divulge client information.

Under the Aug 19 agreement, the first 500 names must be processed by the Swiss Federal Tax Administration (FTA) within 90 days. The Swiss would have one year to process the request for the rest of the accounts.

According to a government statement, the FTA would investigate the accounts with legal and tax experts and issue a conclusive decree on surrendering the information within the two time-frames.

The 4,450 accounts - estimated to hold some $18 billion - will come on top of data of some 250 accounts that was already handed over in February, when UBS also agreed to pay a fine of $780 million.

UBS has admitted its employees helped clients evade paying taxes, in some cases committing fraud.

The deals in the UBS cases have been seen as blows to Swiss banking secrecy. Bern has also started to renegotiate and sign new bilateral double taxation agreements with other countries, based on transparency rules of the Organization for Economic Cooperation and Development.

The government statement said persons concerned would be allowed to file appeals with Swiss courts.

Also Monday, Bern said it knew nothing about statements by a French minister who told a newspaper that Paris had obtained confidential data on some 3,000 bank accounts in Switzerland. It was unclear how France had acquired the data.

Go to Top

Photo Gallery
Bollywood actor Vidyut Jamwal showcases a creation by designer Kazingmei during Lakme Fashion...

Bollywood actor Vidyut Jamwal showcases a creation by designer Kazingmei during Lakme Fashion...

Farmers takes part in oxen race of Kalapoottu in Pullaloor in Kozhikode...

Farmers takes part in oxen race of Kalapoottu in Pullaloor in Kozhikode...

Youngsters sit inside Humes pipes at a city street in Kolkata...

Youngsters sit inside Humes pipes at a city street in Kolkata...

Devotees performs 'Deodhani', a traditional folk dance from the Indian state of Assam...

Devotees performs 'Deodhani', a traditional folk dance from the Indian state of Assam...

Children stand waist-deep in flood water as they wait for rescue workers in Katihar...

Children stand waist-deep in flood water as they wait for rescue workers in Katihar...

A  file photo of  Infosys CEO Vishal Sikka...

A file photo of Infosys CEO Vishal Sikka...

Trainee recruits of Army undergo physical training at the Parachute Regiment Training...

Trainee recruits of Army undergo physical training at the Parachute Regiment Training...

A Chimpanzee looks on, at Alipore Zoological Garden in Kolkata...

A Chimpanzee looks on, at Alipore Zoological Garden in Kolkata...

A beautiful view of peacock on blooming tree branch at Bengre in Mangaluru...

A beautiful view of peacock on blooming tree branch at Bengre in Mangaluru...

People with their household belongings move to a relief camp from a flood-hit region...

People with their household belongings move to a relief camp from a flood-hit region...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.