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Switzerland Ratifies UK, Austrian Tax Deals

by Ulrika Lomas, Tax-News.com, Brussels

25 December 2012


The Swiss Federal Department of Finance has recently announced that the Confederation has now concluded the approval process for the withholding tax agreements with the UK and with Austria.

According to the FDF, Switzerland recently informed the UK and Austria that all of the prerequisites for entry into force of the withholding tax agreements concluded with those countries had been met, highlighting the fact that the referendums initiated against the agreements did not take place.

The agreements will thus enter into force as planned on January 1, 2013.

The Federal Act on International Withholding Tax (IWTA), which governs the implementation of the withholding tax agreements, entered into force on December 20. The IWTA contains provisions on organisation, procedure, judicial channels, criminal law provisions and domestic procedural rules for the upfront payment.

The IWTA entered into force ahead of the bilateral agreements to ensure that the upfront payment by Swiss paying agents set out in the agreement with the UK can be transferred to the UK by the deadline of January 31, 2013.

Two additional ordinances were required for implementation of the IWTA. These are now also in force.

TAGS: Finance | tax | law | agreements | withholding tax | Austria | Switzerland

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