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Swiss authorities attempt to save US tax deal
Switzerland is aiming to renegotiate its tax deal with the US in the wake of a court decision blocking its government from giving the account details of US tax evaders, which may interest those involved in offshore tax planning.
A client of Swiss bank UBS last week won an appeal to the Swiss court to prevent the country's authorities from handing data to US tax officials.
On January 22nd, a court ruled that failure to fill in a tax form did not constitute fraudulent behaviour.
It is being viewed as a blow to the pact between the US and Swiss governments made in August 2009, although the Swiss government has indicated that it will try to preserve the agreement to asking the US to identify tax evaders who came forward in an amnesty last year.
Another option is to make changes to Swiss law that would allow the country to cooperate on less serious cases of evasion, allowing it to meet the terms of the treaty.
Posted by Jared Atreides
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