UBS will no longer be informed or be able to contest customer data the Swiss tax authorities hand over to counterparties in France investigating alleged tax avoidance, a Swiss court said on Wednesday.
) will no longer be informed or be able to contest customer data the Swiss tax authorities hand over to counterparties in France investigating alleged tax avoidance, a Swiss court said on Wednesday.
Switzerland’s Federal Administrative Court upheld a decision to revoke UBS’s position as a party to the arrangements over what information to send to France. But after UBS contested some of the decisions, the Swiss tax authorities eventually ended the bank’s involvement for the documents not already supplied.
“The Swiss Federal Tax Administration has rightly revoked UBS’s status as a party to the ongoing proceedings,” the court said in a judgment published on Wednesday.Switzerland’s highest court last year ruled that historical data about 40,000 UBS clients must be handed to French tax authorities in a landmark case, while blocking the use of the data against the bank itself.
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