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Switzerland Adopts Four DTAs

by Ulrika Lomas, Tax-News.com, Brussels

29 November 2011


Switzerland’s Federal Council has adopted the dispatches on four further double taxation agreements (DTAs), which will now be submitted to parliament for approval.

According to the Swiss federal administration, the DTAs with Russia, Spain, Hong Kong, and the United Arab Emirates contain provisions on administrative assistance in accordance with the internationally applicable standard. They also promote the development of bilateral economic relations.

Commenting on the adoption, the administration states that: “The negotiated economic benefits of the DTAs include reductions in withholding tax, or even tax exemption for dividends, interest and royalty payments in the source state, as well as arbitration clauses within the scope of mutual agreement procedures”.

It adds: “The agreements thereby facilitate the activities of the export economy, promote bilateral investments and contribute to the prosperity of Switzerland and that of the partner state. In addition, they prevent tax discrimination”.

The administration ends by noting that the Swiss cantons and business associations concerned have welcomed the conclusion of the DTAs.

TAGS: Russia | United Arab Emirates | tax | investment | business | offshore confidentiality | double tax agreement (DTA) | interest | offshore | agreements | withholding tax | Hong Kong | Spain | Switzerland | dividends

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