On 19 November, Switzerland signed the Multilateral Competent Authority Agreement in Tax Matters as 52nd jurisdiction. This is a further step in the country’s plan to activate automatic exchange of financial account information in tax matters with other countries.
In addition, the efforts of the Swiss government to comply with international tax information exchange standards were underlined by the announcement during the Global Forum in Berlin to implement the Standard for Automatic Exchange of Financial Information in Tax Matters developed by the OECD and G20 countries.
However, the decision still needs to be approved by the Swiss parliament. Furthermore a vote by the Swiss people might be possible.
The Multilateral Competent Authority Agreement is a framework agreement, based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Bilateral information exchanges are expected to come into effect between the signatory states after the notifications under the agreement are filed, around 2017-2018, depending on the state.