Switzerland and Australia have inked an agreement for automatic exchange of tax information on a reciprocal basis.
The joint declaration, which was signed in Canberra, marks Switzerland’s first such pact with a partner state under an existing international framework set by the Organisation for Economic Co-operation and Development (OECD).
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The OECD framework requires governments to gather and share data of bank accounts and financial instruments held by foreign citizens.
About 100 states have till date committed to adopt the OECD standard, which intends to phase out tax evasion through international cooperation.
Under the latest deal, the two countries will automatically exchange tax-related information based on Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA), which in turn is based on OECD’s international standard of information exchange.
Australia has developed a regularisation procedure for its taxpayers, as well as declared its willingness to hold talks for boosting market access for Swiss financial service providers.
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By GlobalDataFollowing the creation of the required legal basis in their respective countries, both the countries aim to begin data collection by 2017 and start data transmission in 2018.
