Swiss tax authority will not appeal UBS file access in French tax probe

[November 07, 2016]  ZURICH (Reuters) - The Swiss federal tax administration (FTA) has decided not to appeal against a court decision to let UBS inspect files and receive information in a tax investigation by French tax authorities, FTA said on Monday.

The logo of Swiss bank UBS is seen at the company's headquarters in Zurich, Switzerland February 10, 2015. REUTERS/Arnd Wiegmann/File Photo
 

The Swiss federal administrative court (FAC) in October decided to grant UBS "party status", allowing it to access the files and be served with all final decisions by Switzerland's tax administration following a request from French tax authorities to transmit clients' tax data in May.

"The Federal Tax Administration recognizes that UBS could be especially impacted by the mutual assistance procedure due to the ongoing proceedings," FTA said in a statement on Monday.

"It should therefore be granted party rights, and FTA will not appeal the decision with the Swiss Federal Supreme Court."

(Reporting by Brenna Hughes Neghaiwi)

[© 2016 Thomson Reuters. All rights reserved.]

Copyright 2016 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.