02 Aug 2018
A Swiss court has ruled that bank UBS (UBSG.S) does not have to turn over client data to France following a request from Paris for the identities of thousands of people suspected of dodging taxes.
The Federal Administrative Court found that requests for information must state why authorities believed taxpayers did not fulfil their obligations.
“Keeping an account in Switzerland is not enough,” it said in a summary of its ruling released late on Tuesday.
France has the right to appeal to Switzerland’s highest court.
French tax authorities had asked their Swiss counterparts for help in identifying the owners of several thousand UBS accounts in Switzerland believed to be held by French taxpayers. UBS and account owners had fought the request.
– By Michael Shields, 1 August 2018.
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