Revised US tax deal gets green light

The House of Representatives has approved the tax deal with the United States, making it easier to hand over information about US citizens with Swiss bank accounts.

This content was published on March 5, 2012 - 20:02 and agencies

On Monday the House followed the Senate in agreeing to revisions to the Swiss-US double taxation accord, which are also supported by the government.

The revised accord allows for administrative assistance to be provided to the US in matters involving grouped requests for information, based on a suspicious “pattern of behaviour” by people or financial institutions. US tax authorities will not have to provide names or addresses of its suspects in order to receive assistance.

The House had already largely approved the deal on Wednesday, but was forced to delay its final decision until Monday because it ran out of time.

The deal will only come into effect when the US has agreed to an overall solution of the tax dispute between the two countries.

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