Press Esc to close
Monday 27 February 2017
News updated at 11:35 PM IST
Weather
Max: 33.3°C
Min : 20°C
In Bengaluru
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
A hand rickshaw puller carries his old rickshaw wheel for repair in Kolkata...

A hand rickshaw puller carries his old rickshaw wheel for repair in Kolkata...

A carnival float depicting, from left, Adolf Hitler, Geert Wilders, Marine Le Pen and U.S.

A carnival float depicting, from left, Adolf Hitler, Geert Wilders, Marine Le Pen and U.S.

A view of the aircraft carrier INS Viraat docked at the Naval Dockyard ahead...

A view of the aircraft carrier INS Viraat docked at the Naval Dockyard ahead...

Firefighters trying to extinguish a blaze that broke out on Sunday evening at the Times...

Firefighters trying to extinguish a blaze that broke out on Sunday evening at the Times...

Women performing a traditional dance during Golden Jubilee celebrations of Nyokum Yullo Festival...

Women performing a traditional dance during Golden Jubilee celebrations of Nyokum Yullo Festival...

Congress candidate Ameeta Singh with her husband and senior party leader Sanjay Singh coming...

Congress candidate Ameeta Singh with her husband and senior party leader Sanjay Singh coming...

Union Home Minister and senior BJP leader Rajnath Singh along with party candidate Ratnakar...

Union Home Minister and senior BJP leader Rajnath Singh along with party candidate Ratnakar...

Mahant Gyan Das along with other sadhus after casting vote at a polling station for Assembly...

Mahant Gyan Das along with other sadhus after casting vote at a polling station for Assembly...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

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