TAX NEWS - JUNE 2010

Swiss parliament backs Swiss - US tax deal

A Swiss - U.S. deal to end a tax dispute that nearly crippled UBS AG and undermined Swiss bank secrecy inched closer to full parliament approval as the upper house gave it its backing on Thursday. Following is a timeline of major events in the tax row between U.S. authorities and UBS:


2008

June 19 -- Former UBS banker pleads guilty to helping a billionaire hide $200 million from U.S. tax authorities, part of a broader tax evasion probe of UBS.

Nov. 12 -- Raoul Weil, head of UBS's wealth management business, charged with conspiring to help thousands of wealthy Americans hide $20 billion of assets from U.S. authorities.


2009

Feb. 18 -- Swiss regulator FINMA orders UBS to identify certain U.S. clients to settle criminal fraud charges that it assisted rich Americans to evade taxes.

Feb. 19 -- U.S. authorities say still pursuing a civil lawsuit seeking to access details on 52,000 UBS clients.

Feb. 20 -- UBS warns it could go out of business if it complies with an order to reveal the names of suspected U.S. tax dodgers and would require it to violate Swiss law.

April 2 -- U.S. authorities arrest and charge accountant in Florida in first of what they say could be a series of tax evasion prosecutions of American clients of UBS.

July 10 -- CEO Oswald Gruebel sends memorandum to bank's top executives saying it could not comply with the U.S. request to disclose the identity of the 52,000 account holders.

Aug. 18 -- Filing in U.S. federal court shows authorities criminally investigating more than 150 U.S. clients of UBS.

Aug. 19 -- Switzerland says will hand over details of about 4,450 bank accounts to U.S.


2010

Jan. 8 -- Bradley Birkenfeld, former UBS banker, starts 40-month prison term in Pennsylvania after attacking the government for the punishment in light of what he called his cooperation in helping expose thousands of U.S. tax cheats.

Jan. 8 -- Swiss court rules regulator FINMA broke bank secrecy law last year when it ordered UBS to hand over files of nearly 300 clients to U.S. authorities.

Jan. 22 -- UBS client wins Swiss court appeal to prevent her account data from being given to U.S. authorities.

Feb. 24 -- Switzerland will ask parliament to turn into law a deal with Washington that got UBS off the hook.

April 15 -- Seven former U.S. clients of UBS charged with filing false tax returns.

June 3 - Switzerland's upper house backs U.S. tax deal.