Switzerland To Exchange CbC Reports More Widely
by Ulrika Lomas, Tax-News.com, Brussels
19 October 2018
The Swiss Federal Council has decided to expand the list of jurisdictions with which it will exchange country-by-country (CbC) reports.
The legal basis for the exchange of CbC reports entered into force for Switzerland on December 1, 2017. On the same day, Switzerland notified the OECD of the 108 countries with which it intended to exchange CbC reports. Each of these countries had either signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (ACRE agreement) or was a member of the Inclusive Framework on BEPS on that date.
The Swiss Federal Council said that, as other states have signed the ACRE agreement or joined the Inclusive Framework since December 2017, it has decided to submit an updated list of countries to the OECD this coming December.
The Council has also agreed to adopt the Ordinance on the International Automatic Exchange of Country-by-Country Reports of Multinational Corporations (ACREO). In its current form, ACREO refers to the OECD's guidelines of September 6, 2017. These guidelines have since been supplemented and revised with further technical answers for the preparation and exchange of CbC reports. The amendment will enter into force on December 1.
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