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Switzerland Has Improved Adherence With Tax Transparency Standards

by Ulrika Lomas, Tax-News.com, Brussels

15 April 2020


The OECD's Global Forum has found Switzerland largely compliant with the international standards on transparency and the exchange of information upon request.

The Global Forum on Transparency and Exchange of Information for Tax Purposes said that Switzerland has addressed a number of deficiencies identified in its last review in 2016. This includes improving the exchange of information process and a doubling of the number of staff working in the Exchange of Information Unit. Switzerland has also ensured the availability of ownership information, particularly in respect of bearer shares.

Legislation to implement the recommendations made during the Global Forum's last review entered into force in Switzerland in November 2019. In particular, bearer shares can now be issued only by listed companies or in the form of intermediated securities.

The Forum recommended that Switzerland should now ensure that its notification and appeal procedures do not unduly prevent or delay an effective exchange of information. The preservation of the confidentiality of the information received when processing requests should be further scrutinized.

The OECD also said that Switzerland should take additional measures for the availability of beneficial ownership information of all legal entities and arrangements.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Switzerland | revenue statistics | standards | Tax | Tax Evasion | BEPS

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