Bern finishes review of first 500 UBS names

Bern, Switzerland (GenevaLunch) – The Federal Tax Administration (FTA) has finished reviewing the first 500 files of UBS clients suspected of tax fraud by the IRS, the US tax authority. The FTA announced 25 November that it has not communicated names to the IRS and will not, as stipulated in the Swiss-US agreement, until clients have exhausted the appeals process.

The clients concerned will be notified and have 30 days to appeal the decision to Switzerland’s Federal Administrative Court, which will have the final say. Switzerland has until 30 November to process the first 500 names according to the agreement between Switzerland and the USA, signed in August.