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IRS To Drop UBS Lawsuit,
by Glen Shapiro, LawAndTax-News.com, New York
Monday, August 30, 2010
The US Internal Revenue Service (IRS) has said that it may drop a lawsuit against
Swiss bank UBS after the Swiss government announced on August 26 that its examination
of approximately 4,450 UBS clients accused of evading US taxes.
The IRS announced in a statement that based on information received from the
Swiss federal government, it anticipates being able to "withdraw the John
Doe summons this fall."
Concluded in August last year, an administrative assistance agreement between
the US and Switzerland provides that UBS is to disclose to US authorities the
names and bank details of 4,450 of its American clients, suspected of evading
taxes over a number of years with the help of the Swiss banking giant. In return,
civil charges against the bank would be dropped. The US authorities had originally
sought the names and details of 52,000 clients of the bank. UBS also agreed
to a fine of USD780m.
"The Federal Tax Administration 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," the Swiss federal government announced.
Despite a delay caused by the Swiss Federal Administrative Court's examination
of the agreement, the Swiss government explained that 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," the Swiss government
stated.
.
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