French Tax authorities can now mine tax data from these files.
The Swiss Federal Tax Administration (FTA) has let it be known, it will not appeal against a court’s decision which allows UBS to inspect its files and collect information by France’s tax authorities.
In October, the Swiss Federal Administrative Court (FAC) decided to award UBS a “party status”, which effectively allowed it to access all relevant files and be served with all final decisions by Switzerland’s FTA.
In May, French tax authorities had requested access to UBS clients’ tax data.
“The Federal Tax Administration recognizes that UBS could be especially impacted by the mutual assistance procedure due to the ongoing proceedings,” said the FTA in a statement.
“It should therefore be granted party rights, and FTA will not appeal the decision with the Swiss Federal Supreme Court.”