IRS to drop UBS case

02/09/2010

The United States Internal Revenue Service (IRS) has said that it may drop a lawsuit against Swiss bank UBS after the Swiss government announced on 26 August 2010 that it has completed the examination of approximately 4,450 UBS clients accused of evading United States taxes. Talks are being held between the contracting parties regarding the final stage of the agreement's implementation. Both parties are optimistic that the United States authorities will receive most of the agreed account information within a reasonable period of time and that the Unites States authorities will definitively withdraw the civil action brought against UBS.