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France, Switzerland To Expand Tax Information Exchange

by Ulrika Lomas,, Brussels

30 June 2014

Amendments to the double taxation convention (DTC) between France and Switzerland will bring the treaty's information exchange provisions up to the international standard.

An additional Protocol to the Convention, signed on June 25, 2014, will enable France to secure additional information from Switzerland on individual taxpayers, including their name or address. The amendment also provides for the possibility of requesting banking information without knowing the identity of the financial institution holding the account. This is not currently permitted under the DTC as it stands. It is proposed the change will apply retroactively to requests for information relating to periods from January 1, 2010, onwards.

The revised agreement will also allow Switzerland to respond to group requests from French authorities. This will be possible for taxable events occurring after February 2, 2013, when Switzerland's federal law on international administrative assistance in tax matters entered into force.

The two countries must now complete the necessary domestic ratification procedures before the amendments can enter into force.

According to the French Finance Ministry, Swiss authorities have also committed to address, by November, the numerous information requests for which France is still awaiting an answer. Both governments agreed to monitor how effectively information is being shared regularly.

TAGS: compliance | Finance | tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | tax avoidance | revenue guidance | law | banking | Organisation for Economic Co-operation and Development (OECD) | ministry of finance | tax authority | agreements | tax planning | France | Switzerland | revenue statistics | Tax | Tax Evasion

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