Swiss hit levy deal with U.S.

Switzerland, whose summit concealed banks handle about $2 trillion of alien wealth, aims to safe 12 new bilateral levy deals close by the end of 2009 which could acknowledge it to be removed from an OECD "grey list" of states which order to better levy collaboration and avoid feasible sanctions from G20 nations.

Swiss President Hans-Rudolf Merz had asked U.S. Treasury Secretary Timothy Geithner to globule a levy escape case in dot against UBS (UBSN.VX) (UBS.N) in come representing a new levy accord, which power strive representing ratification in Switzerland if the U.S. Internal Revenue Service (IRS) persists with its pursuing of the bank.

The Swiss-U.S. twofold taxation agreement had at no period been dependent on the court case in dot against UBS, a spokesman representing the Swiss Finance Ministry said.

He added, however, that it could be firm to get the deal because of parliament without a solving to the UBS case.

"Switzerland and the USA be obsessed agreed at a complex even to the stretching of administrative aid in levy matters beneath Art. 26 of the OECD Model Convention and be obsessed initialed a revised twofold taxation agreement (DTA) on 18 June 2009 in Washington," the priesthood said in a statement.

This is the sixth such agreement the Swiss be obsessed struck, after Denmark, Norway, France, Mexico and single other unnamed country.

(Reporting close by Sam Cage and Sven Egenter; Editing close by Victoria Main)