Switzerland plans to sign an international deal on exchanging tax information concerning concerns non-residents with assets in the country.
The government said the deal demonstrates that Switzerland is committed to fighting tax fraud while preserving the country’s reputation.
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The convention has been put together by the Organization for Economic Cooperation (OECD) and the Council of Europe, which provides a framework for tax cooperation between states.
The country with US$2 trillion in assets under management is under pressure from the EU and the United States to end bank secrecy as cash-strapped states seek to fight tax evasion.
The deal sets down ways for governments to cooperate in order to fix and levy taxes on non-residents.
Swiss Finance Minister Eveline Widmer-Schlumpf was said to prepare a draft law that would allow the country to sign the accord, which has already been signed by 50 nations and is in force in 30 of them.
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By GlobalDataSwiss State Secretariat for international financial matters said that the draft mandate will be submitted for consultation to parliamentary committees and to the cantons. The Federal Council will then adopt the final mandate, and Switzerland will be able to start talks with the EU.
In a statement, the finance ministry said: "The signing of the OECD/Council of Europe convention underscores Switzerland’s willingness to conform to these standards.
"It also confirms Switzerland’s commitment to the global fight against tax fraud and tax evasion with a view to safeguarding the integrity and reputation of the country’s financial centre," it added.
