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Canada, Switzerland Agree On Information Exchange

by Mike Godfrey, Tax-News.com, Washington

02 August 2012


Canada and Switzerland have reached an agreement on the interpretation of the information exchange provisions of their double tax agreement (DTA).

The agreement on Article 25 of the convention was concluded by way of an Exchange of Letters between the Canadian government and the Swiss Federal Council. The DTA was first signed in 1997 and amended by protocol in 2010.

Under the agreement, the interpretive protocol is amended to ensure that the interpretation of the provisions of Article 25 is fully consistent with the standard developed by the Organization for Economic Cooperation and Development (OECD) for the exchange of tax information.

Canada and Switzerland will now carry out the domestic measures necessary for the entry into force of the agreement. They will notify each other once this process is completed. The agreement will enter into force on the date of the later of these notifications and its provisions will have effect from December 16, 2011.

 

TAGS: compliance | tax | offshore confidentiality | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | banking | offshore | agreements | offshore banking | banking secrecy | Canada | Switzerland

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