Switzlerand : Banks requested to disclose details of US Held Client accounts
Switzerland's Federal Tax Administration has ordered 40 banks, fiduciary firms and insurance companies to provide information on their US clients for the US Internal Revenue Service (IRS). The order follows a series of group administrative requests made by the US since December 2020 under the Foreign Account Tax Compliance Act (FATCA), regarding clients who refused consent for their account data to be disclosed to the IRS in routine aggregate FATCA reports. The US clients concerned now have until 16 July to submit their views on the request to the Swiss authorities.