Switzerland deposited the instruments of ratification for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Administrative Assistance Convention) with the OECD in Paris.
The convention was signed by Switzerland in 2013 and was approved by Parliament in December 2015. The Convention will enter into force for Switzerland on January, 1 2017. It allows the exchange of information in tax matters in accordance with the rules of the convention and the corresponding instruments for implementation. The OECD and Council of Europe convention provides a legal framework for tax-related cooperation between countries.
This ratification re-affirms Switzerland's commitment to greater tax transparency and commitment to implementing international standards. Switzerland is committed to implement automatic exchange of financial account information in time to commence exchanges in 2018 and is also a signatory of the CRS Multilateral Competent Authority Agreement and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, which are both based on Article 6 of the Convention.
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