Switzerland announced that it has signed an agreement on the automatic exchange of information with Singapore. On the same day, a working meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has started in Geneva.
The Common Standard on Reporting and Due Diligence for Financial Account Information (the “Common Reporting Standard”) was developed by the OECD, with G20 countries, to tackle tax avoidance and evasion and improve tax compliance.
The countries signed a bilateral automatic exchange of information agreement in tax matters, which is expected to be provisionally applied from 1 January 2018. The first exchange of data will take place in 2019 subject to approval by the Swiss Parliament.
The 26th meeting of the Global Forum peer review group is part of the new round of evaluations relating to the implementation of the exchange of information standard upon request. For Switzerland, this examination will begin during the second half of 2018 and should finish in the second half of 2019. The Global Forum will also examine the implementation of group requests and the question of the identification of beneficial owners.
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