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Swiss nod tax pact with US

Switzerland’s Parliament backed a Swiss-US tax treaty crucial to the future of UBS AG, ending months of uncertainty over the deal and paving the way for recovery at the Swiss bank.

business Updated: Jun 17, 2010 22:30 IST

Switzerland’s Parliament backed a Swiss-US tax treaty crucial to the future of UBS AG, ending months of uncertainty over the deal and paving the way for recovery at the Swiss bank.

Parliament agreed not to stage a referendum on the issue, meaning Swiss tax authorities should be able hand over on time to US counterparts the accounts of 4,450 UBS clients that Switzerland’s biggest bank helped to dodge taxes.