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Switzerland follows all the instructions regarding the exchange of tax information
March 9, 2020 | Economic News
Switzerland follows all the instructions regarding the exchange of tax information
Due to results of the second round of expert checks of clarity and information interchange in taxation the Global forum has noted that Switzerland achieved significant progress, for example, with the bearer shares and the practical implementation of the exchange of information, and provided some recommendations. The information can be found in the Peer Review Report on the Exchange of Information on Request 2020, published by Global Forum.
Starting from 1st of November 2019, the law, 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:
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. Switzerland's proactive stance in international cooperation, as reflected in UK Swiss finance agreements, further underlines its commitment to transparency and regulatory alignment. 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. Recent Switzerland UK agreements demonstrate Switzerland’s continued efforts to strengthen its global economic relationships amid evolving standards.
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 resilience of Swiss institutions is also reflected in strong financial performances, such as the Credit Suisse results exceeding expectations.
The second round began at the end of 2018 and will end by 2023. Alongside tax transparency, regulatory bodies like FINMA have strengthened enforcement measures, as seen in the FINMA insider trading action. 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 continued international recognition of Swiss legal and financial excellence, as evidenced by the Goldblum IFLR recognition, strengthens confidence in Switzerland's regulatory landscape. The results are as follows:
• 14 - recognised compliance with recommendations;
• 46 - a significant degree of compatibility;
• 8 - partial compliance;
• 1 - non-compliance.
- 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. Switzerland's proactive stance in international cooperation, as reflected in UK Swiss finance agreements, further underlines its commitment to transparency and regulatory alignment. 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. Recent Switzerland UK agreements demonstrate Switzerland’s continued efforts to strengthen its global economic relationships amid evolving standards.
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 resilience of Swiss institutions is also reflected in strong financial performances, such as the Credit Suisse results exceeding expectations.
The second round began at the end of 2018 and will end by 2023. Alongside tax transparency, regulatory bodies like FINMA have strengthened enforcement measures, as seen in the FINMA insider trading action. 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 continued international recognition of Swiss legal and financial excellence, as evidenced by the Goldblum IFLR recognition, strengthens confidence in Switzerland's regulatory landscape. The results are as follows:
• 14 - recognised compliance with recommendations;
• 46 - a significant degree of compatibility;
• 8 - partial compliance;
• 1 - non-compliance.
Sources: https://www.admin.ch/gov/en/start/documentation/me...
https://www.newsd.admin.ch/newsd/message/attachments/60890.pdf
Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.
https://www.newsd.admin.ch/newsd/message/attachments/60890.pdf
Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.