Monday, November 29, 1999

UBS-U.S. tax deal gets Swiss parliamentary approval

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Switzerland's parliament backed a Swiss-U.S. tax treaty crucial to the future of UBS, laying to rest months of uncertainty over the deal and paving the way for renewed recovery at the Swiss bank.The two houses of parliament agreed not to stage a referendum on the issue after crisis talks on Thursday, meaning Swiss tax authorities should be able hand over on time to U.S. counterparts the accounts of 4,450 UBS clients that Switzerland's biggest bank helped to dodge taxes.Switzerland's largest party, the right-wing Swiss People's Party (SVP), shifted position at the eleventh hour, allowing the lower house to back the deal.Failure to hand over the client accounts in time would have broken the terms of the tax treaty and could have led to retaliation from the U.S. government.(Editing by Dan Lalor)(For more business news on Reuters India click
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