18 Mar 2019
A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland’s banks.
Although Switzerland exchanges bank account data on current clients with dozens of countries to crack down on cross-border tax cheats, court cases such as UBS’s row with France over client tax avoidance are exposing potentially expensive legacy issues in Europe.
The Swiss supreme court’s ruling could set a precedent whereby other Swiss banks have to hand over confidential historical data to foreign tax authorities that demand it.
By Angelika Gruber, Reuters, 15 March 2019
Link to Reuters
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet