The tax dispute with France is dealing with the UBS for years and years. At the end of February, a Paris criminal court ordered UBS to a fine and to pay damages equivalent to 5 billion Swiss francs, because the big Bank's high-net-worth is said to have helped the French between 2004 and 2012, to hide their money from the tax authorities. UBS has moved the process further. Up to a final decision, it is likely to take years.
Because of the billion risk, UBS shareholders have denied the General Assembly the Executive of the Bank, the Decharge. UBS-in-chief Sergio p. Ermotti feels unfairly treated. At the beginning of may he complained in the "view" that he is armed of the Swiss policy in the stitch feel in the court established, even though the UBS have not broken any laws.
The court process, however, is only part of the problems faced by the Bank in France. What Ermotti annoys much more: In the second part of the tax dispute, the name of the delivery of Thousands of French customers, the Swiss authorities actively against the Bank and help the French – with potentially devastating consequences for the audit process.
The tax dispute will not take place just before the Paris courts, but also in the Swiss offices of: UBS is defending itself against tax data from Switzerland, will be handed over to France. The French tax authorities have requested from the Swiss colleagues information about 45'000 French Taxpayers.
The French know the account numbers, of which you know that you are from French customers. You now want to bring the name, date of birth, and the account status of customers in Switzerland. You have therefore asked the Swiss authorities for administrative assistance. The Swiss Federal tax administration (FTA) wanted to convey this information.
Swiss assistance in the Drafting of the request for assistance application
But that's not all: The French authorities received on this sensitive procedures for mutual Assistance even support from Switzerland. According to sources, the Sunday newspaper staff to the FTA traveled to France and helped the French colleagues to write the application – so it could be ensured that the request from Paris, meets the requirements of the FTA. And, of course, that to him accordingly.
That annoys the UBS bosses. The Bank feared that the French judicial system gets through the new data supply new ammo in the criminal process. And that so increases the risk that UBS will have to pay a billion buses.
No clear denial of the FTA
The FTA has not commented on the request. It refers to an opinion of the Federal Council on an Interpellation of SVP national Council Thomas Matter. He wanted to know in September 2016 by the Federal Council, whether there had been the trip to France actually. The Federal Council made at the time, for reasons of confidentiality, no further information. The FTA would hold but, in principle, to the legal framework, it was said succinctly. A denial sounds different.
"This is very controversial," says the national Council and Banker Matt today. The case could also prove to be disadvantageous for Switzerland, he warns. That would be the case if the buses can be deducted in the foreign countries in Switzerland by the tax. Say: Should be sentenced to UBS, ultimately, of the buses from a tax deduction, it would have helped at the end of the FTA that Switzerland's tax revenues, so the fear. UBS has not commented on the operation. A Banker's moaning behind his Hand: "the mistakes of The past are done, it would be just fine, if Switzerland would give us no further disadvantages."
Still no data from UBS are gone-customers to France, the big Bank has resisted so far, with success. The Federal administrative court has given you in the past year, and the Data disclosure is prevented. In contrast, the FTA has returned, and – depending on your point of view – to the execution of the French agents. The last-instance judgment will soon be carried out.
UBS General counsel Markus Diethelm is critical of the fact that the FTA is taking the matter to court, to the foreign Bank's customers to deliver data against the will of his Bank. "It is surprising that no other voices have questioned why the tax administration in the appeal is gone. Even if we have nothing to reproach ourselves and the French judgment, stating no specific facts that would be determined attempts on the part of the French civil party, any data in the process," he had declared in February in the Sunday newspaper. Ultimately it is a matter of national interests.
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Created: 11.05.2019, 19:14 PM