Experienced Tax Attorneys


Call Us Confidentially Now: 202-349-4033


Call us confidentially now:
202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

Swiss Sign Protocol to UBS Agreement: Keeps Disclosure Process Moving

Posted in Offshore Account Update, UBS / HSBC on April 1, 2010 | Share

On March 31, 2010, the Swiss and U.S. governments signed a protocol to their August 2009 agreement on the disclosure of UBS account data to the IRS at the same time it is seeking Parliament approval.

According to a statement made by the Swiss government on March 31, the signing of the protocol creates the legal basis for the Swiss Federal Tax Administration (SFTA) to issue final decisions in cases of "continued and serious" tax evasion and permits Switzerland to fulfill its obligations under the terms of the August 2009 agreement.

According to sources, the Swiss government requested the signing of the protocol in order to elevate the August 2009 agreement to the same level as a treaty and remedy the legal shortcomings raised by the Swiss Federal Administrative Court in a January 21 ruling.

It appears to me, the Swiss government is going out of its way to honor the agreement it made with the US government and will violate its very own laws.  Unfortunately, this type of action does not help American taxpayers or other citizens around the world that have depended on the very bank secrecy laws that have been broken or will be changed.

This most recent act by the Swiss government, will further negatively affect the approximately 4,200 names that are currently in the cross hairs.

However, the agreement signed in August 2009, still needs parliamentary approval and the Swiss government said it has instructed the SFTA not to hand over any UBS account data to the U.S. government until the agreement has passed parliament.

It appears things are moving again. Stay tuned!


Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top

Hear What Our Clients Have To Say

"Kevin Thorn, Managing Partner of Thorn Law Group, is an excellent adviser. My family and I are US citizens living in Europe and the US. Mr. Thorn helped us to understand our opportunities for international investments and estate planning issues so that my siblings and I may continue to further the growth of our businesses, to care for our aging parents and provide for our children. Mr. Thorn and his team were sensitive to our family's needs and helped us identify and understand our options and potential risks associated with US and international activity."