The Organisation for Economic Cooperation and Development (OECD) today announced that Switzerland deposited its instrument of ratification for the multilateral convention on the mutual administrative assistance in tax matters. The convention will enter into force for Switzerland on 1 January 2017.
The OECD release states that the ratification re-affirms Switzerland's commitment to greater tax transparency and is a step towards implementing the standard for the automatic exchange of financial account information in tax matters, as developed by the OECD and G20 countries as well as the automatic exchange of country-by-country reports under the OECD/G20 base erosion and profit shifting (BEPS) project. Switzerland has committed to implement the automatic exchange of financial account information in time to begin exchanges in 2018 and is a signatory of:
Both multilateral agreements are based on Article 6 of the multilateral convention or agreement.
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