Information exchange: thumbs up for Switzerland

Switzerland fulfills "extensively" the Organization's requirements for Economic Cooperation and Development (OECD) on administrative assistance in tax matters. This was communicated by the Federal Department of Finance today (FDF) making known the findings of the so-called Global Forum, which, in addition to considering the legal basis, has looked at how the federal government has actually put into practice.

"The positive assessment reflects the progress made in recent years by Switzerland in the implementation of the international standard for the exchange of on demand" information, writes the FDF in a statement.

For the head of the Department Ueli Maurer, the positive vote is a "major step." A negative evaluation and the sanctions that it would possibly been associated would constitute too serious a risk to the Swiss financial center. According to the Swiss Federal Council, the aim to follow international standards has been recognized.

The Global Forum has evaluated positively in particular the introduction in Law Tax Administrative Assistance (LAAF) of a derogation to the notification procedure for taxpayers.
The evaluation obtained from Switzerland corresponds to that assigned to other important financial centers such as Singapore, Hong Kong and Liechtenstein.

Switzerland had passed the first phase of the examination only in second place, in 2015, after being voted down in 2011. Then Berne had acted mainly by tightening up the rules on money laundering. The second phase was started last October 1.

Later this year will begin a new evaluation cycle, while the launch is planned for late 2018 in Switzerland.