Press Esc to close
Thursday 02 October 2014
News updated at 9:45 AM IST
Weather
Max: 29.9°C
Min : 20.7°C
In Bangalore
Sunny day

US files for disclosure of 4,500 Swiss accounts

Last updated: 01 September, 2009
Geneva, Sep 1, DPA:

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
Nokia India Sales Marketing Director Raghuvesh Swarup launches the new Nokia Lumia ...

Nokia India Sales Marketing Director Raghuvesh Swarup launches the new Nokia Lumia ...

India's Mary Kom is lifted by her coach after she won the gold in women's flyweight boxing ...

India's Mary Kom is lifted by her coach after she won the gold in women's flyweight boxing ...

Bollywood actress Sushmita Sen attends the Durga Puja celebrations in Mumbai ...

Bollywood actress Sushmita Sen attends the Durga Puja celebrations in Mumbai ...

A huge statue of Mahatma Gandhi in Bengaluru a day before its inauguration ...

A huge statue of Mahatma Gandhi in Bengaluru a day before its inauguration ...

Silver medal winner India's Tintu Luka poses at the podium during the medal ceremony ...

Silver medal winner India's Tintu Luka poses at the podium during the medal ceremony ...

Boxer Mary Kom kisses shares a moment with her kid after winning the gold medal ...

Boxer Mary Kom kisses shares a moment with her kid after winning the gold medal ...

Damaged coaches after Krishak Express and Barauni Express collided near Gorakhpur ...

Damaged coaches after Krishak Express and Barauni Express collided near Gorakhpur ...

India's boxer Sarita cries at the podium after refusing to accept the bronze medal ...

India's boxer Sarita cries at the podium after refusing to accept the bronze medal ...

People look at the damaged coaches after Krishak Express and Barauni Express collided ...

People look at the damaged coaches after Krishak Express and Barauni Express collided ...

Indian tennis legend and global ambassador of the sport, Vijay Amritraj addressing during ...

Indian tennis legend and global ambassador of the sport, Vijay Amritraj addressing during ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523