资讯
Sep-30-2009 Switzerland and US sign agreement to bolster tax information exchange
As part of its drive to remove itself from the Organization for Economic Co-operation and Development’s (OECD) ‘grey list’, Switzerland recently signed a ‘Protocol of Amendment’ with the United States on September 23rd. The tenth such signing by Switzerland, the amendment represents a revision of its existing double taxation agreement with the US, which was entered into in 1996, that will now allow for greater tax information exchange between the two countries.
In addition to seeing Switzerland adopt the internationally agreed tax information standard in terms of extending administrative assistance to the US in cases of suspected fiscal fraud and tax evasion - primarily on cases that in the past were not covered because Switzerland does not consider tax evasion a criminal offense - the protocol also provides for mandatory arbitration of certain cases and addresses issues around the cross-border taxation of individual retirement accounts; previously taxable income or payouts from which will now be exempt.
Despite this increased exchange of information, requests made for assistance with suspected tax evaders without provision of sufficient information (known as ‘fishing’) is still forbidden. Under the terms of the agreement, any country requesting help must provide sufficient information to identify the person under investigation such as name and address, must state the period of time for which the information is requested, and must give the tax purpose for which the information is being sought.
Although this latest move now places Switzerland, together with 11 other jurisdictions, in the category of jurisdictions having substantially implemented the OECD standard since 2nd April 2009*, the signing of such agreements, according to OECD Secretary-General Angel Gurría, is only one step in a process and that what is really sought is effective implementation by all countries. U.S. Treasury Secretary Tim Geithner echoes this sentiment stating that, “Tax evasion is not simply an American issue, it is a global issue requiring global co-ordination,” but adds that “Global efforts to end offshore tax evasion have never been stronger.”