Bern, Switzerland (GenevaLunch) – The United Kingdom is the tenth country to initial a revised double taxation agreement with Switzerland, followed Bern’s decision 13 March to follow OECD (Organisation for Economic Co-operation and Development) guidelines for tax treaties. The OECD has given Switzerland until December to initial new agreements with 12 countries in order to be removed from what is known as its gray list of countries considered to not cooperate fully in tax evasion investigations.
The initialing process indicates that the countries have agreed to the negotiated terms in principle.
The treaties go into effect only after the texts have gone through national approvals processes. In the case of Switzerland a summary of the treaties, whose terms are confidential for the moment, are sent to cantons and business organizations for consultation, and the Swiss parliament must ultimately approve them.
Luxembourg was removed from the OECD gray list earlier this week, after initialing its required new treaties.
Background: “Switzerland must sign 12 tax treaties by end 2012″, 9 May, GenevaLunch
News story, GenevaLunch, 10 July 2009.
Filed under: Politics
Tags: Britain, double taxation agreement, OECD, Switzerland, tax evasion, tax treaties, UK
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