In a ruling published on Wednesday that cannot be appealed, Switzerland's Federal Administrative Court said the tax office was not allowed to hand over information on a Credit Suisse client to the U.S. Internal Revenue Service because its request was based solely on a suspicion of tax evasion and did not include the bank account holder's name.
Eleven Swiss banks including Credit Suisse and Julius Baer are under investigation in the United States for aiding U.S. citizens who are suspected of dodging taxes.
Switzerland is trying to get the investigations dropped in return for the payment of fines and the transfer of U.S. client names and is also seeking a deal to shield the remainder of its 300-odd banks from U.S. prosecution
It need to be emphisised that the result would be different under the New Swiss/ US Tax Treaty!
Read more at: Tax Times blog
