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US Withdraws UBS Lawsuit

by Glen Shapiro,, New York

17 November 2010

Following the last substantial delivery of administrative assistance cases by Switzerland, the US tax authority, the Internal Revenue Service (IRS) has fully and definitively withdrawn the John Doe Summons served on Swiss bank UBS, the Swiss Federal Department of Finance has announced.

According to the Department of Finance, by the end of August, the Swiss Federal Tax Administration (FTA) had examined approximately 4,450 UBS client accounts under the agreement with the United States. The delivery of data by Switzerland to the United States was largely completed by mid-November after expiry of the appeal periods.

Overall, approximately 4,000 cases have been supplied to the United States to date. Subject to the outcome of pending appeals before the Swiss Administrative Court or in the case of no appeals, information on a number of additional accounts covered by the Agreement and the Treaty request will be delivered to the IRS over the course of the coming months, the Department of Finance said.

The Swiss now regard the agreement to have been "substantially implemented," and the IRS "fully and definitively" withdrew the John Doe Summons against UBS on November 15, 2010.

In the administrative assistance agreement of August 19, 2009, Switzerland and the United States had defined criteria for examining the administrative assistance request concerning tax offences. This request was submitted by the IRS to the FTA on August 31, 2009.

TAGS: tax | offshore confidentiality | law | banking | Internal Revenue Service (IRS) | enforcement | offshore | agreements | banking secrecy | Switzerland | United States | mutual assistance agreement

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