[11291]
October 5, 1999
TO: TAX COMMITTEE No. 29-99
RE: SWISS TAX RECLAIMS
______________________________________________________________________________
As we discussed at our last meeting in San Diego, the Swiss tax authorities reportedly are
denying tax reclaims submitted by global custodians on behalf of US funds. To support such denials,
the Swiss tax authorities apparently are taking the position that US funds are not “residents” entitled to
benefits under the new US-Switzerland income tax treaty which entered into force on December 19,
1997.
To better gauge the extent of this issue, we request that any affected fund complex complete the
attached brief survey regarding the amount of its pending Swiss tax reclaims. The identity of all firms
providing information will remain confidential. Only the amount of pending reclaims per generic fund
complex (such as “Fund A”) and the aggregate amount of claims pending by all Institute members may
be compiled and disclosed, as necessary, to the appropriate US and Swiss tax authorities with whom the
Institute is working to resolve this issue.
Survey results should be sent to the undersigned by e-mail (dflores@ici.org) or fax (202 326-
5841) no later than Friday, October 22.
Thank you in advance for your cooperation. We will keep you informed of developments.
Deanna J. Flores
Assistant Counsel
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