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Today’s Top Headlines

Switzerland's First Tax Info Exchange Pacts To Take Effect

by Ulrika Lomas,, Brussels

04 November 2014

Switzerland's tax information exchange agreements (TIEAs) with Jersey, Guernsey, and the Isle of Man have entered into force and will be effective from January 1, 2015.

The Swiss Federal Council announced on November 3 that the treaties entered into force on October 14, 2014. They are the first of Switzerland's seven TIEAs to enter into force. The TIEA with the Isle of Man was signed in August 2013. The deals with Jersey and Guernsey were concluded within days of each other, in September 2013.

On April 4, 2012, the Federal Council decided to adopt the international administrative standard in both its double taxation and tax information exchange agreements.

Last month, the Federal Council adopted definitive mandates for negotiations with other countries to introduce the new global standard for the automatic exchange of information in tax treaties. The Council also launched a consultation on legislation for the unilateral application of the Organisation for Economic Cooperation and Development's (OECD's) Standard on the Exchange of Information to all double tax agreements (DTAs) that are not already in line with the model.

The proposed mechanism would be a transitional measure; once a state or territory becomes able to exchange information upon request with Switzerland on the basis of a DTA in conformity with the OECD standard or another international agreement, the legislation would no longer be applicable to that jurisdiction.

TAGS: Isle of Man | tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | banking | Organisation for Economic Co-operation and Development (OECD) | Guernsey | Jersey | tax authority | agreements | legislation | Switzerland | revenue statistics

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