Swiss government bows to court ruling: Will review UBS tax agreement
The Swiss government announced this week that it will respect a Swiss court decision last week that declared parts of a deal reached in August with the United States illegal under Swiss law and would reopen talks with the United States. The agreement, which was designed to end proceedings by the U.S. Justice Department against the Swiss bank UBS, required the Swiss government to hand over data to the Internal Revenue Service (IRS) on 4,450 UBS clients suspected of hiding bank accounts.
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