Switzerland receives a rating of “substantial compliance” – Romandie.com

Switzerland receives a rating of “substantial compliance”

on tax assistance, Switzerland has received an overall rating “substantially compliant” after the second phase of the peer review. The Global Forum on Transparency released its report Tuesday.

“The positive evaluation of Switzerland is the result of measures taken in several areas over the period from 1 July 2012 to 30 June 2015,” responded the federal Department of Finance (FDF) in a statement.

This underlines that the overall grade of Switzerland is the same “as other major financial centers such as Singapore, Liechtenstein and Hong Kong” .

On ten criteria evaluated, Switzerland receives two words “partially compliant”, five “substantially compliant” and three “complete”. It is not sanctioned by any mention of “non-compliant”.

Financial place “enhanced”

                   This overall score is considered “very positive” by the Secretary of State for Financial Matters (SIF), “because it means that the country respects international standards of tax transparency”.

The IFC estimates accordingly that this “success greatly enhances the credibility and reputation of the Swiss financial center.”

He noted that the World Forum noted the inclusion in the law on tax administrative assistance, an exception to the notification of taxpayers subject to a request for administrative assistance.

the extension of the network of information exchange agreements between Switzerland and the increase employees to ensure effective exchange of information, were also appreciated.

Another round

                   A new round of evaluations will begin this year to all members of the Global Forum. For Switzerland, the launch is planned for late 2018.

It will examine if the recommendations of the Global Forum have been applied, and verify new elements such as collective applications, identifying beneficial owners or the quality of applications.

Over 120 States

                   The examination of the Global Forum was organized in two phases: the analysis of the legal basis for the exchange of information in accordance with the international standard and the assessment of trade in practice

<. p> in March 2015, the global Forum concluded in a report that the Swiss legal and regulatory framework enables, on paper, an efficient exchange of information on tax administrative assistance.

it remained to evaluate practice. In Phase 2, which began officially on 1 October 2015, the Global Forum has therefore focused on tax administrative assistance given by Switzerland to requesting countries.

The Global Forum on Transparency and the exchange of information is an offshoot of the OECD. Switzerland is one of them since 2009. The organization, which groups 125 countries, work in the application of standards of transparency and exchange of information in tax matters.

(ats / 7/26/2016 3:11 p.m. )

(TTY / 7/26/2016 3:11 p.m.) ->