UBS faces more tax queries

SWISS banking giant UBS said yesterday that Australian, British and Canadian tax authorities have filed requests for information after it settled a massive tax evasion case with US authorities.

Following the deal with the US "tax and regulatory authorities in a number of countries have requested information relating to the cross-border wealth management services provided by UBS and other financial institutions," it said. "In particular, the revenue services of Canada, the UK and Australia have served requests upon, or made inquiries of, UBS and other Swiss and non-Swiss financial institutions providing cross-border wealth management services," it added in its annual report. UBS said it was cooperating "within the limits of financial privacy obligations."

"It is premature to speculate on the outcome of any such inquiries," it added. UBS, the US and Swiss governments reached in August 2009 an agreement which requires the bank to reveal the identities of some 4,450 American account holders suspected of evading US taxes.AFP