Switzerland has become the 52nd signatory to sign the OECD multilateral competent authority agreement to strengthen international tax co-operation and reduce tax evasion.
The agreement will allow the country to activate automatic exchange of financial account information in tax matters with 51 other countries from the start of 2018.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The pact, which is subject to parliamentary approval of the necessary laws, is developed within the framework of OECD and is based on the multilateral convention on mutual administrative assistance in tax matters.
The move comes after Switzerland endorsed the new automatic information sharing standard at the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin.
A group of 51 countries known as the Early Adopter Group have already agreed to launch their first automatic information exchange from September 2017.
The Standard for Automatic Exchange of Financial Account Information in Tax Matters, which is developed by the OECD and G20 countries, provides for automatic exchange of all financial information on an annual basis.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOECD said that many jurisdictions have committed to implementing this Standard on a reciprocal basis with other jurisdictions.
