The United Kingdom and Switzerland on September 7 amended the double tax agreement between the two countries to include the internationally-agreed standard on transparency and information exchange, which will help them to crack down on the evasion of tax.
The agreement was signed by the Financial Secretary to the UK Treasury, Stephen Timms, and the Swiss Ambassador to the UK, Alexis Lautenberg.
Following the conclusion of the agreement Stephen Timms commented:
“I very much welcome the Swiss Federal Council’s agreement on international co-operation in tax matters and their adoption of the OECD standard on administrative assistance.”
“The days when hiding money off-shore represented a viable means of evading UK tax are rapidly drawing to a close,” he added.
Dave Hartnett, HMRC’s Permanent Secretary for Tax, observed that:
“Transparency and information exchange are the foundation on which fair and effective tax systems are built. I am delighted that there is growing global recognition of the inevitability of properly regulated information exchange as the key to proper tax visibility.”
On March 13, 2009, the Swiss Federal Council announced that Switzerland would change policy on international cooperation in tax matters, and would adopt the OECD standard on administrative assistance in tax matters under Article 26 of the OECD Model Double Taxation Convention. The decision will permit exchange of information on tax matters in individual cases, where a specific and justified request has been made.
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