Switzerland: Switzerland's first tax info exchange pacts to take effect
05 November 2014
Posted by: Author: Ulrika Lomas
Author: Ulrika Lomas (Tax-news.com)
information exchange agreements (TIEAs) with Jersey, Guernsey, and the Isle of
Man have entered into force and will be effective from January 1, 2015.
The Swiss Federal
Council announced on November 3 that the treaties entered into force on October
14, 2014. They are the first of Switzerland's seven TIEAs to enter into force.
The TIEA with the Isle of Man was signed in August 2013. The deals with Jersey
and Guernsey were concluded within days of each other, in September 2013.
On April 4, 2012,
the Federal Council decided to adopt the international administrative standard
in both its double taxation and tax information exchange agreements.
Last month, the
Federal Council adopted definitive mandates for negotiations with other
countries to introduce the new global standard for the automatic exchange of
information in tax treaties. The Council also launched a consultation on
legislation for the unilateral application of the Organisation for Economic
Cooperation and Development's (OECD's) Standard on the Exchange of Information
to all double tax agreements (DTAs) that are not already in line with the
mechanism would be a transitional measure; once a state or territory becomes
able to exchange information upon request with Switzerland on the basis of a
DTA in conformity with the OECD standard or another international agreement,
the legislation would no longer be applicable to that jurisdiction.
This article first appeared on tax-news.com.