The IRS asks Switzerland for customer data from 40 institutions

The IRS does not give in to the prosecution of tax evaders. She now wants to receive information from the Swiss authorities on account data for a total of 40 Swiss financial institutions. The request for administrative assistance relates to bank accounts that the relevant Swiss institutes have previously reported to the tax authority in a combined form.

The Federal Tax Administration (FTA) published an initial “tranche” of administrative assistance under the Foreign Account Tax Compliance Act at the beginning of December 2020. At that time, corresponding applications had already been received from the IRS for 13 financial institutions. In March there were 29 institutes and in April 26. Since then some banks have disappeared from the updated list and others are new.

Notable “new entrants” on the recent list include life insurer Swiss Life and online broker Swissquote, as well as Cantonese banks in Basel-Stadt, Vaud and Valais.

Bei dem Gruppengesuch um Amtshilfe stützt sich die US-Behörde auf ein Abkommen um eine erleichterte Umsetzung des FATCA-Abkommens («Foreign Account Tax Compliance Act») zwischen der Schweiz und den Amm ff li zent wie Miffen EST he is. The letter from the tax authority to the Swiss authorities is dated May 11, 2021.

Concerned US persons can now file a statement about the intended transfer of data about them to the IRS within 20 days, the FTA writes in communications. The FTA will issue a final judgment for each account relationship affected by the Group’s order.