Swiss to Comply with UBS Agreement

On January 27, Switzerland's executive body, the Swiss Federal Council, announced that it plans to comply with the 2009 UBS agreement even though the Swiss Federal Administrative Court found the agreement to exceed the scope of the US-Swiss tax treaty. In hopes of avoiding continued conflict with the US, the Federal Council may present the agreement to Parliament for approval, which, the Federal Council explained, would allow the agreement to stand "as a treaty of the same status as the older and more general bilateral double taxation agreement and, according to general rules of interpretation, would take precedence over the latter."


Posted by Patrick Siegfried, Associate Editor, Wealth Strategies Journal.