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US And Switzerland Initial Revised Tax Treaty,
by Mike Godfrey, Tax-News.com, Washington
Wednesday, June 24, 2009
The US and Switzerland have reached an initial agreement to share information on potential tax evaders for the first time, a step which would allow Swiss banks to disclose client information “in individual cases where a specific and justified request has been made,” according to the Swiss Finance Ministry.
The protocol would revise the existing US-Switzerland income tax treaty to allow for the exchange of information for income tax purposes to the full extent permitted by Article 26 of the Organization for Economic Co-operation and Development (OECD) Model Income Tax Convention.
At the G-20 Leaders' Summit, the US strongly supported efforts to ensure that all countries adhere to international standards for exchange of tax information. In the 2010 Budget, the US Administration delivered a detailed reform agenda to reduce the amount of taxes lost through unintended loopholes and the illegal use of hidden accounts by well-off individuals. The US Treasury made it clear, however, that the new accord will not affect a civil suit filed by US authorities aimed at forcing Swiss bank UBS AG to provide information about 52,000 clients.
The US is the sixth country after Denmark, Norway, France, Mexico and one other country with which Switzerland has initialled a DTA with the extended administrative assistance clause. The agreement was negotiated in accordance with the key points agreed by the Swiss Federal Council and the Swiss cantons and business associations will now be consulted, before the Federal Council decides on whether to hold a referendum. Assuming the agreement reaches that point, the official signing is not expected to take place for a number of months.
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