Switzerland and U.S. Agree on New Tax Treaty With Modern Enforcement Provisions

On June 19, 2009, Switzerland and the United States announced the two governments have initialed a new double tax treaty in compliance with the modern exchange of information provisions of the OECD. However, ratification of the new treaty is far from guaranteed and will likely be influenced by the outcome of the effort by the U.S. to force UBS to turn over the details of thousands of U.S. clients of the bank pursuant to “John Doe” Summons issued by the U.S. District Court in Miami...(more)