France and Switzerland Expand Tax Information Exchange

Amendaments to the Double Taxation Convention (DTC), signed by France and Swizterland on June 25, 2014, will bring the information exchange provisions to the international standard.

Thanks to these amendaments, France secures additional information from Switzerland on individual taxpayer, including name and address. Requesting banking information without knowing the identity of the financial institution holding the account is going to be possible too. The change will apply retroactively to request for information relating to periods from January 1, 2010, onwards, but not before that time.

Switzerland, according to the agreement, is now allowed to respond to group requests from French Finance Ministry. Swiss authorities have also committed to provide, by november of this year, the numerous information requested.

The necessary domestic ratification procedures have to be completed by the two Governments before the amendments can enter into force, and by that time both countries agreed to monitor how effectively information is being shared regularly.

#exchangeofinformation #banksecrecy #switzerland #france #transparency #oecdstandards

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