The Swiss parliament has amended the country’s existing banking secrecy law the Tax Administrative Assistance Act (TAA), which came into effect in February last year.
The TAAA governs the Switzerland’s execution of administrative assistance in accordance with double taxation agreements and other international agreements that make provision for the exchange of information relating to tax matters.
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Following the amendment, tax evaders no longer have a right to be informed of the disclosure of their information to other countries, according to a report published by International Adviser.
However, the amendment says that the foreign country must prove that informing the suspect would hamper the probe.
The amendment must be re-approved at the end of the current legislative session to become law. This formality is expected to pass with little opposition, according to the publication.
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By GlobalData
