Swiss Govt starts consultations on amendment of tax treaties
23 Oct 2014 10:13 PM GMT
To comply with global norms, Switzerland on Wednesday began consultation process for unilaterally amending bilateral tax treaties to allow exchange of information when there is a request from another country.
Amid rising international pressure, including from India, Switzerland has been taking steps to share tax information as well as dispel perception that the country is a safe haven to stash away unaccounted wealth. The Swiss Federal Council has started the consultation procedure, which would go on till 5 February next year, to bring in the provision of exchange of information on request in bilateral tax treaties.
The proposed law would allow 'Switzerland to swiftly amend its double taxation agreements which do not yet comply with the international standard for exchange of information upon request', the Swiss government said. This step is part of efforts to make Switzerland a 'competitive and tax-compliant financial centre in line with the international standard'. However, the unilateral application of the new provision would be subject to principles of reciprocity and confidentiality of the exchanged information.
Amid rising international pressure, including from India, Switzerland has been taking steps to share tax information as well as dispel perception that the country is a safe haven to stash away unaccounted wealth. The Swiss Federal Council has started the consultation procedure, which would go on till 5 February next year, to bring in the provision of exchange of information on request in bilateral tax treaties.
The proposed law would allow 'Switzerland to swiftly amend its double taxation agreements which do not yet comply with the international standard for exchange of information upon request', the Swiss government said. This step is part of efforts to make Switzerland a 'competitive and tax-compliant financial centre in line with the international standard'. However, the unilateral application of the new provision would be subject to principles of reciprocity and confidentiality of the exchanged information.
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