Swiss tax officials intend to sign next week a multilateral agreement to implement country-by-country reporting developed under the OECD/G20 base erosion profit shifting (BEPS) plan, Switzerland’s Federal Council said January 20.
“Numerous states and territories, including Switzerland, will sign the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports in Paris on 27 January 2016,” the Council confirmed.
The instrument, included in the action 13 country-by-country reporting implementation package released by the OECD June 8, 2015, sets out the conditions for automatic exchange by tax administrations of country-by-country reports on multinationals.
The Federal Council noted that for the multilateral agreement to enter into force in Switzerland it must first gain the approval of Parliament, with an optional referendum.
Switzerland has not yet decided which countries it will exchange country-by-country reports with, the Council said.
The Council also said Switzerland will open a consultation on the signing of the multilateral instrument as well as on related implementing legislation during the first half of 2016.
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