Back to all announcements

UBS tax deal with US rejected by Swiss parliament

A proposed deal between UBS and the US to disclose account details in order to stop tax evasion by American citizens has been vetoed by the Swiss parliament.

While there are still hopes an agreement will eventually be reached, it is expected there will be weeks of further delay following the vote.

The US alleges that almost 4,500 people from America hold secret accounts with UBS and the bank has admitted to clients being helped with tax evasion by some of its managers.

A spokesman for the Inland Revenue Service said: "We continue to monitor the events in Switzerland and we stand ready to pursue all legal options available to us should the Swiss fail to provide the required information."

Earlier this year, Kaspar Villiger, the chairman of UBS, asked the Swiss government to intervene in the dispute, stating that the bank did not want to be involved in the illegal handover of data, reported Reuters.

By Claire Archer