Nov 25, 2009 - 10:55

Wheels start turning in UBS tax fraud accord

The Swiss authorities say they are ready to share information with the United States on the accounts of hundreds of clients of bank UBS.

The Federal Tax Administration (FTA) notified 500 account holders on Tuesday of the final decision concerning demands for administrative assistance by the Internal Revenue Service (IRS).

In a bilateral agreement reached on August 19, it was stipulated that upon receipt of the request for administrative assistance (on 31 August 2009) the FTA had 90 days to issue the initial 500 decrees. This deadline expires at the end of November.

The remainder of the approximately 4,450 dossiers overall must be processed by the FTA within 360 days after receipt of the request for administrative assistance.

Account holders who receive a decree have 30 days to file an appeal with Switzerland's Federal Administrative Court.

"The FTA will only provide administrative assistance if no appeal is lodged against its conclusive decrees with the Federal Administrative Court within 30 days," the tax body said in a statement.

swissinfo.ch