Swiss lower house rejects UBS deal, delays process

ZURICH, June 8 (BestGrowthStock) – The Swiss lower house rejected a
Swiss-U.S. deal to solve a tax row over UBS (UBSN.VX: )(UBS.N: ), a
move that triggers a new parliamentary debate and delays
Switzerland’s delivery of UBS client data to U.S. tax officials.

Tuesday’s last minute rejection by the main arm of
parliament contradicts a vote in favour of the deal by the upper
house last week, meaning the two houses will have to try and
work out an agreement over a common text before a final vote
later this month. [ID:nLDE65117T]

Washington agreed on Aug. 19 2009 to drop tax evasion
charges against UBS after Berne promised it would transfer by
end-August bank details of 4,450 U.S. clients of UBS, in breach
of Swiss bank secrecy laws. [ID:nLDE64B1HV]

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Swiss lower house rejects UBS deal, delays process