The Australian Government, on May 4, released draft legislation that would give the revised Australia-Swiss tax treaty and accompanying protocol, signed July 30, 2013, the force of law in Australia. Interested parties are invited to comment on the draft.
The revised treaty would update a 1980 agreement between the countries. Included are provisions that permit Australian and Swiss revenue authorities to exchange taxpayer information, including information held by banks and other financial institutions, to address tax evasion. The revised agreement would also reduce dividend, interest, and royalty withholding taxes in some cases, and would deny treaty benefits if a person’s principal purpose is to take advantage of the treaty. Release, Exposure Draft (340KB), Explanatory Memorandum (673KB), Revised Australia-Switzerland Tax Treaty (142KB)
