U.S. extended its requests for Swiss banks to disclose full details of U.S. client accounts

The American clients concerned now have 20 days to submit their opinion on the intended transmission of their data to the IRS, before the Swiss authorities will issue a final decree, the Federal Tax Administration said.

Topics: U.S.

Under the Foreign Account Tax Compliance Act (FATCA), Swiss financial institutions disclose account details directly to the US tax authorities with the consent of the U.S. clients concerned.

Where U.S. clients refuse to give their consent, Washington has to request this data through normal administrative assistance channels, according to the State Secretariat for International FinanceExternal link. ■