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The deal signed between the Swiss and American governments in a bid to end a tax case against UBS is once again making headlines.
Economists from the country’s cantons have voiced their concern that parliament might refuse to approve the agreement. They are also worried about the potential economic consequences if the deal is rejected.
The agreement between Bern and Washington has had plenty of ink flowing since it was signed in August last year.
Under the deal, Bern agreed to hand over to U.S. officials the names of more than 4,000 suspected tax evaders holding accounts with UBS.
But a court ruled the data transfer illegal under Swiss law, and some raised concerns over the erosion of banking secrecy. So the government needs parliament to approve the deal.
Now, the country’s cantonal economics ministers have sent a letter to parliamentarians, who are due to examine the issue on Friday, urging them to accept the agreement. They say current and future economic imperatives are more important than concerns over what the deal means for Swiss law.