Bern, Switzerland (GenevaLunch) – The Swiss Federal Council Wednesday 19 August approved six of the 12 new double taxation agreements required by the OECD before the end of 2009 if Switzerland is to avoid being considered an “uncooperative” country by the group of 30 rich countries, in terms of tax assistance to other nations. Such countries make up the much publicized OECD gray list, versus a black list of tax havens.
Updated 19:40 Bern, Switzerland (GenevaLunch) – The Swiss government Friday noon announced that it will adopt the OECD standard on administrative assistance in tax matters, which is part of the OECD’s Model Tax Convention. As a result Switzerland will exchange information with other governments in individual cases where “a specific and justified request has been made” for any form of tax offense. Accepting the standard will require renegotiating existing bilateral treaties. Requests from other governments, made according to the standard, will be honoured once new treaties go into effect.
Ed. note: it was widely reported Friday that Switzerland has agreed to assist other governments in cases of tax evasion, not just fraud. While this may be the result of the 13 March announcement, Switzerland specifically states that it intends to adopt the convention “in accordance with Art. 26 of the OECD Model Tax Convention.”
