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UBS tax deal with Swiss in doubt
Switzerland’s cabinet will meet today to discuss a court decision which may undermine a key tax deal involving leading bank UBS and US authorities. A UBS client earlier this week won an appeal to prevent her account data from being given to US tax collectors as part of a US probe into possible tax evasion. The case throws doubt on Switzerland’s ability to deliver details of all 4,450 UBS client accounts requested by US authorities, in a bid to identify wealthy US citizens who might have hidden billions of dollars in UBS bank accounts to avoid taxes.