The US government and UBS on Sunday stepped back from the brink of a damaging court battle – scheduled to start on Monday – over the Swiss bank’s refusal to reveal the names of thousands of its offshore customers to the US Internal Revenue Service, the FT said. The US Department of Justice, UBS and the Swiss government asked for a three-week delay to the hearing to allow time for an “alternative” resolution to US demands for the names of 52,000 US taxpayers holding offshore accounts.

This entry was posted by Stacy-Marie Ishmael on Monday, July 13th, 2009 at 4:44 and is filed under Capital markets. Tagged with IRS, tax, tax havens, ubs. Edit this entry.