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MEPs Endorse Swiss Deal To Replace Savings Tax Directive

by Ulrika Lomas, Tax-News.com, Brussels

28 October 2015


Members of the European Parliament (MEPs) have approved an agreement under which the European Union (EU) and Switzerland will automatically exchange information on the financial accounts of each other's residents from 2018.

The agreement with Switzerland was signed on May 27, 2015. It provides that the parties will receive, on an annual basis, the names, addresses, tax identification numbers, and date of birth of their residents with accounts, along with other financial and account balance information.

The agreement will replace the EU-Switzerland taxation of savings agreement that has been in force since 2005. It includes the existing withholding tax exemption for cross-border payments of dividends, interest, and royalties between related entities.

MEPs voted in favor of a resolution approving the deal by 593 votes to 37, with 58 abstentions. The European Parliament said that, under the agreement, tax administrations in the EU and Switzerland will be able to identify correctly the taxpayers concerned, administer and enforce their tax laws in cross-border situations, and avoid unnecessary further investigations.

Parliament said that the agreement must now be concluded in time for its intended entry into force on January 1, 2017.

TAGS: compliance | tax | tax compliance | interest | royalties | law | banking | financial services | tax authority | withholding tax | Switzerland | dividends | European Union (EU) | services | Europe | Tax | Tax Evasion

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