Switzerland on November 19 signed a multilateral competent authority agreement, moving the country one step closer to adopting automatic exchange of financial account information under the OECD/G-20 Common Reporting Standard beginning 2018, the OECD and Swiss Federal Department of Finance have announced in separate releases.
Switzerland is the fifty-second country to sign the agreement, which adopts the Common Reporting Standard for automatic exchange of information and puts Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters into effect. It is the fourth country to agree to work toward launching automatic exchange of information by 2018; forty-eight countries have pledged to begin in 2017.
The Swiss Federal Department of Finance noted that the signing of the agreement is without prejudice to the question regarding the countries with which the automatic exchange of information should be implemented, as the bilateral activation of the agreement with certain states will be submitted to the the Swiss Federal Assembly separately for approval.
On October 8 the Swiss Federal Counsel said that automatic exchange of information would be initiated 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.
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