The Swiss government has announced that it plans to amend its procedures for exchange of information internationally between Revenue authorities. This is in response to the findings of a peer review conducted by the Global Forum on Transparency and Exchange of Information for Tax Purposes. This OECD sponsored review group found that Swiss requirements for administrative assistance are too restrictive and could hinder effective exchange of information.

Switzerland has undertaken to eliminate obstacles to the effective exchange of information in tax matters but will not allow for fishing expeditions. Up to now the Swiss authorities required an administrative request from another tax authority to specify the name and address of the taxpayer and to identify the bank holding the bank account in question. Switzerland is prepared to revise the administrative assistance provisions in its double taxation agreements to allow, in some cases, for exchange of information on suspected tax evaders’ accounts on the basis of an International Bank Account Number. However, it has stated that it will not facilitate a general trawl of information and will continue to co-operate with regard to specific requests in respect of suspected tax evaders.

For full details see http://www.admin.ch/aktuell/00089/index.html?lang=en&msg-id=37645