ZURICH: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries.
Finance minister Eveline Widmer-Schlumpf announced the schedule in Berne and explained in outline that the cabinet wants Switzerland to agree to a number of forms of information sharing.
She said Switzerland wanted to forge accords with “all the politically and economically important countries and financial centres”, according to officials.
But the new rules will not apply to Swiss residents with accounts held in Switzerland.
The next steps involve consultations with political parties, cantons and other institutions following by a bill being presented to parliament in the autumn.
On 18 November last year, Switzerland become the 52nd jurisdiction to sign the Multilateral Competent Authority Agreement with the OECD, which will allow it to go forward with plans to activate automatic exchange of financial account information in tax matters with other countries beginning in 2018.
The Swiss decision is subject to parliamentary approval, as well as the possibility that voters may be asked to approve the necessary laws and agreements.
