Switzerland improves tax cooperation
The Swiss Federal Council has said it will bring the revised Tax Administrative Assistance Act (TAAA) into force on August 1, 2014.
The Swiss parliament approved the revision of the Tax Administrative Assistance Act on March 21, 2014. The amendment includes a new provision that would allow for the Government to defer notifying a person whose data has been requested by a foreign authority, and will also clarify rules concerning group requests.
The TAAA governs the execution of administrative assistance in accordance with double taxation agreements and other international agreements that make provision for the exchange of information relating to tax matters. The amendment is intended to bring Switzerland into compliance with developing international standards. It also responds to a recommendation from the Global Forum on Tax Transparency.