Canada has asked Swiss bank UBS for details of Canadian account holders in a move to clamp down on possible tax evaders.
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The Canada Revenue Agency (CRA) “clearly outlined the need to obtain this information from UBS” during talks in Toronto, spokeswoman Caitlin Workman said on Wednesday.
“The CRA will make every effort to gain the information required to enforce the provisions of the Income Tax Act in the most efficient way possible,” she said, adding the agency may pursue further meetings with the bank.
A spokesman for UBS declined to comment.
The move follows a United States probe into alleged tax evasion by UBS’s American clients, which was settled with an agreement to hand over the details of 4,450 customers and a hefty fine for the bank to avoid going before federal courts.
Some observers have predicted an avalanche of probes and litigation aimed at the Swiss banking system as a result.
Switzerland has long been suspected of harbouring tax evaders from other countries thanks to its banking secrecy laws and its legal distinction between tax fraud and evasion – the latter is not a crime.
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But as banking secrecy has already been shaken by double tax accords and the UBS deal, experts say the move may be too late. Switzerland is currently signing double taxation agreements on easing the flow of tax information between it and third parties – the latest being on Tuesday with Luxembourg. The aim is to…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.