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Automatic tax information exchange with Switzerland in force for two more countries

January 5, 2017 | News

Automatic tax information exchange with Switzerland in force for two more countries

In 2015, Switzerland signed Tax Information Exchange Agreements (TIEAs) with Belize and Grenada, which were put into effect in 2016 and applied from January 1, 2017. TIEAs establish the rules for exchanging information related to tax matters upon request from a contracting party. This exchange of tax information can pertain to individuals, companies, or any other body of persons or entity treated as a body corporate for tax purposes.

TIEAs are instruments designed to facilitate administrative assistance on tax matters, alongside Double Taxation Agreements (DTAs), both of which are adopted by the Federal Council. While TIEAs and DTAs are almost equivalent instruments, they differ in that TIEAs and DTAs regulate solely the exchange of tax information upon request, while DTAs primarily eliminate or alleviate territorial double taxation of the same income arising in one territory and paid to residents of another. As a result, DTAs contain other material provisions in this regard.

Automatic tax information exchange with Switzerland in force for two more countries

Switzerland has already established TIEAs with several offshore jurisdictions, including Andorra, Belize, Brazil, Greenland, Grenada, Guernsey, Isle of Man, Jersey, San Marino, and Seychelles. All of these agreements, with the exception of the TIEA with Brazil, are currently in force. It is expected that more agreements will be put into place.

In addition, double taxation agreements concluded by Switzerland with Albania, Liechtenstein, Norway, and Oman are entering into force as of January 1, 2017.

Please note that this article is for informational purposes only and does not constitute legal advice or establish an attorney-client relationship.

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