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Swiss politicians meet in sign of impending UBS tax case solution
THE Swiss cabinet held an extraordinary meeting yesterday to discuss the tax dispute between UBS and the US Internal Revenue Service (IRS), signalling that the country is close to reaching an agreement to hand over data on the bank’s clients.
The two nations have been locked in talks to resolve IRS demands that UBS hand over details of 52,000 clients accused of using its accounts to evade tax.
Talks stalled last week as Swiss government sources said the so-called administrative assistance process, the framework under which data would be handed over, could take at least three months.
Yesterday’s meeting is thought to have centred around whether the process could be speeded up to help appease the US authorities.