Switzerland signs two more tax information exchange agreements

Both agreements have to be approved by parliament before they can enter into force. They are also subject to an optional referendum. During the hearing procedure which followed the completion of negotiations, the cantons and the business associations concerned expressed their support for the two agreements.

Switzerland has signed five TIEAs to date. Aside from the ones with Greenland and Andorra, it has also entered into such agreements with the Isle of Man, Jersey and Guernsey. It is continuing to pursue negotiations on agreements of this type with other interested jurisdictions.

On 4 April 2012, the Federal Council decided to adopt the international administrative assistance standard not only in double taxation agreements (DTAs) but also in tax information exchange agreements.

In principle, DTAs and TIEAs are equivalent instruments for implementing an administrative assistance clause in accordance with the international standard. Unlike DTAs, which are aimed primarily at avoiding double taxation and therefore contain other material provisions, TIEAs merely govern the exchange of information upon request.

Publisher:
State Secretariat for International Financial Matters
Internet: http://www.sif.admin.ch

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