Switzerland’s Federal Council on October 8 released final negotiation mandates for introducing automatic exchange of information in tax matters with the EU, the United States, and other countries. The document largely follows a draft released in May.
The Swiss intend to negotiate the introduction of automatic exchange of information with the EU and to negotiate with the US a switch from a model 2 FATCA accord to a model 1 accord.
The Swiss will also initiate automatic exchange of information with selected countries by means of separate agreements. “In an initial phase, consideration will be given to countries with which there are close economic and political ties and which, if appropriate, provide their taxpayers with sufficient scope for regularisation,” the Federal Council said.
Switzerland is currently preparing legislation that would allow for automatic exchange of information, which will be submitted to parliament together with the negotiated agreements, the Federal Council said.
The Swiss endorsed the OECD’s Declaration on Automatic Exchange of Information in Tax Matters on May 6.
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