UK and Australia Seeking UBS Data

November 10, 2009 International Tax CooperationOffshore BankingTaxation in AustraliaTaxation in SwitzerlandTaxation in UK  No comments

Swiss bank UBS has confirmed that the governments of the UK and Australia, amongst others, are seeking information about possible tax evasion from their own nationals.

According to the notes within the UBS third quarter report, following the settlement of its case with the US Department of Justice and Internal Revenue Services, UBS began to receive request from other jurisdictions for similar information. The UBS report said that “In particular, the revenue services of the UK and Australia have served upon UBS and other Swiss and non-Swiss financial institutions providing cross-border wealth management services requests for information relating to such services that is located in the respective jurisdictions”. The bank described its response to the information requests, stating “UBS is cooperating with these information requests strictly within the limits of financial privacy obligations under Swiss law. It is premature to speculate on the outcome of any such inquiries”.

Further, the report highlights the impact of the US tax evasion investigation into UBS. The dent in the bank’s reputation has led to US$36 billion withdrawal of assets from the bank, over the third quarter. Comment on the information request could be made at the UBS investor day on November 17th. Which, coincidently, is the day the Swiss tax authorities disclose the criteria by which information will be selected to hand over to US tax authorities in their UBS investigation.

The official UBS Third Quarter Report can be found on the UBS website.

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