The Swiss Department of Finance said Tuesday that the country's tax authorities have processed and sent off more than 500 cases related to UBS AG clients in response to requests for assistance from their U.S. counterparts.
The cases are related to a recent settlement between UBS and the U.S. Internal Revenue Service hammered out in August as the United States seeks to crack down on potential tax evasion by its citizens holding Swiss accounts. In the agreement, it was stipulated that, upon receipt of a request for administrative assistance, the Swiss Federal Tax Administration had 90 days to issue the initial 500 decrees. "The remainder of the approximately 4,450 dossiers overall must be processed by the FTA within 360 days after receipt of the request," the finance ministry said.
