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U.S. Discloses Terms of Agreement with Swiss Government Regarding UBS

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News release: “The Justice Department and the Internal Revenue Service (IRS) today announced that the agreement with the Swiss government has been finalized. As a result of the agreement, the United States will receive substantially all of the accounts of interest [4,500] when it initiated the John Doe summons against UBS on June 30, 2008. Under the agreement, the IRS will submit a treaty request to the Swiss government describing the specific accounts for which it is requesting information. The Swiss government will then direct UBS to initiate procedures which could result in the turning over of information on thousands of accounts to the IRS. The IRS will receive information on accounts of various amounts and types, including bank-only accounts, custody accounts in which securities or other investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership in the accounts.”

  • Swiss Agreement: “Article 26 of the Convention between the United States of America and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income of October 2,1996 (the “Tax Treaty”), the Protocol accompanying and forming an integral part of the Tax Treaty (the “Protocol”), and the Mutual Agreement of January 23, 2003 regarding the administration of Article 26 of the Treaty (the “Mutual Agreement”), provide a mutually agreed-upon mechanism pursuant to which competent authorities of the Contracting Parties are able to exchange information, as is necessary for the prevention of “tax fraud or the like…”
  • UBS Agreement: “The United States of America (the “United States”), the U.S. Internal Revenue Service (“IRS”) and UBS AG (“UBS”)…desire to resolve their dispute over the John Doe summons that was served upon UBS by the IRS on or about July 21, 2008 (the “UBS Summons”) and that is the subject of the matter pending in the United States District Court for the Southern District of Florida, Miami Division, entitled United States of America v. UBS AG, Case No. 09-20423-CIV-GOLD/MCALILEY (the “Action”)…
  • See also: 3+ Year Sentence for Ex-UBS Banker’s Role in Swiss Bank’s Scandal
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