The EU and Switzerland signed an agreement on the automatic exchange of financial account information of residents on 27 May to improve international tax compliance. This now brings Switzerland into line with the 2014 OECD/G20 global standard. This upgrades a 2004 agreement ensuring that Switzerland applied measures equivalent to an EU directive on taxation of savings income. The intention is to prevent taxpayers hiding capital representing income or assets. Starting from 2018, information to be exchanged includes account balances, sale proceeds of financial assets, and income derived from interest and dividends.
The EU and Switzerland signed an agreement on the automatic exchange of financial account information of residents on 27 May to improve international tax compliance. This now brings Switzerland into line with the 2014 OECD/G20 global standard. This upgrades a 2004 agreement ensuring that Switzerland applied measures equivalent to an EU directive on taxation of savings income. The intention is to prevent taxpayers hiding capital representing income or assets. Starting from 2018, information to be exchanged includes account balances, sale proceeds of financial assets, and income derived from interest and dividends.
