Diritto ed Economia dell'ImpresaISSN 2499-3158
G. Giappichelli Editore

28/02/2020 - Switzerland: enhanced administrative assistance in tax matters since 2021

argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: Switzerland - automatic exchange of information - association and foundation

The Swiss Federal Council has given the final go-ahead to partially amend and revise the Swiss law on the automatic exchange of information for tax purposes. The project, whose entry into force is scheduled for 2021, has as its main purpose the transposition and consequent implementation of the recommendations issued by the Global Forum on transparency and the exchange of information for tax purposes and addressed in particular to the Confederation. In particular, the changes concern the current due diligence obligations of Swiss banks and financial institutions. Furthermore, the reinforced obligation for the financial institutions of the Confederation required to communicate is required to keep the documents. The Federal Tax Administration is also authorized to stop the automatic exchange of information with a partner State if that State does not meet the OECD requirements for confidentiality and data security.
Switzerland therefore plays the role of partner country which, through peer reviews, has the purpose of monitoring the effective transposition of the standard into the domestic law of the States. It should be noted that the derogating provisions for associations and foundations as well as for their accounts have not been repealed considering the decision premature at the current date, at least as long as a widely shared orientation is spread internationally.