Starting from 1st of November 2019, thelaw
, that takes into account the recommendations of the first round of expert reviews from the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), entered into force in Switzerland. For example, with bearer shares there are such rules:
- only listing company will provide it;
- otherwise, it can be produced as intermediate securities;
- there are special measures about those that were listed before.
In the years 2015-2018, Switzerland received around 100 000 requests transmitted by foreign tax institutions. This indicates that the country occupies an influential position in the system of foreign exchange of relevant data. Data shows that with the growth of requests, Switzerland allocated special personnel for their consideration and improved existing procedures.
The Global Forum expressed the view that it is required to make more accessible the information requested by foreign tax experts in connection with the right of appeal, which relate to: beneficiaries; the rights of individuals and legal entities; confidentiality.
To determine whether the international criteria are implemented successfully, the Global Forum uses the peer analysis method. The first peer analysis in Switzerland took place in 2016. They found the results to be satisfactory and declared recommendations.
The second round began at the end of 2018 and will end by 2023. At this stage, they have tightened the evaluation criteria and have taken into account how qualitatively:
• issued requests for administrative assistance;
• checked group requests ;
• identified beneficiaries.
Based on the results of expert reports, the Global Forum published 69 reports. The results are as follows:
• 14 - recognised compliance with recommendations;
• 46 - a significant degree of compatibility;
• 8 - partial compliance;
• 1 - non-compliance.