Switzerland Improves Its Transparency Grade | KPMG | CA

Switzerland - Improves Its Transparency Grade

Switzerland - Improves Its Transparency Grade

The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes recently released nine new peer review reports.

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The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes recently released nine new peer review reports. The release includes a Phase 1 Supplementary Report for Switzerland that assesses the improvements the country has made to its exchange of information mechanisms since adopting the Phase 1 report in 2011.

Among other changes, Switzerland introduced a new law on international administrative assistance that states that it must comply with all exchange of information mechanisms. Switzerland also updated its treaty network by signing new bilateral agreements and the Convention on Mutual Assistance in Tax Matters.

Switzerland's progress will allow it to move forward in the OECD's peer review process and it will be assessed on how it implements the exchange of information on request in 2016.

Other peer review reports include El Salvador, Mauritania, Aruba, Cook Islands, Hungary, Portugal, Uruguay, and Curaçao.

Background

The Global Forum was created in the early 2000s in the context of the OECD's work to address the risks to tax compliance posed by tax havens. The original members of the Global Forum consisted of OECD countries and jurisdictions that had agreed to implement transparency and exchange of information for tax purposes.

To date, the Global Forum has completed 183 peer reviews and assigned compliance ratings to 76 jurisdictions, including Canada, that have undergone Phase 2 reviews.

For more information, contact your KPMG adviser.

Disclaimer

Information is current to March 24, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

For more information, contact KPMG's National Tax Centre at 416.777.8500

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