The Swiss Parliament has rejected the tax deal between the United States and Switzerland over disclosing the account information of 4,450 U.S. clients of Swiss banking giant UBS, according to several news outlets.
The lower house of the Swiss Parliament voted on Tuesday to reject the agreement that was designed to allow UBS [UBS] to avoid tax evasion charges. The agreement had already been passed by the Swiss Parliament’s upper house. According to Marketwatch, which quoted Swiss media reports, the lower house voted down the measure 104 to 76. Marketwatch also noted that a Swiss court had previously ruled that UBS couldn’t give the information to U.S. authorities without the approval of the Swiss government.
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