NEWS
Switzerland, Ireland Revise DTA
The Swiss government has initialed a revised agreement with Ireland for the avoidance of double taxation and fiscal evasion. Along with other issues, the revised agreement will incorporate provisions that provide for the exchange of tax information in line with the Organization for Economic and Cooperation Development’s (OECD's) internationally-accepted standard.
Since the Federal Council decision of March 13, 2009, to adopt the OECD standard, extending administrative assistance in tax matters, Switzerland has concluded negotiations with over two dozen states for agreements that include tax information sharing provisions. In the process, the government said, Switzerland has also been able to negotiate various benefits for the economy, such as reductions in withholding tax on dividends, interest and royalty payments, as well as the introduction of an arbitration clause. This policy will be pursued and further negotiations are already envisaged with important countries, the government said.
Initially, the content of the revised agreement with Ireland will be confidential. The next step is for it to be disclosed, in the case of Switzerland, only to the cantons and business associations concerned in the form of a brief report so that they can submit their comments. The agreement will then be signed and subsequently presented to parliament for approval. Providing it receives approval it will then be ratified bringing the document into force.
A total of ten double tax agreements with the extended administrative assistance clause have been approved by the Swiss parliament. Further DTAs which have been signed in the meantime will be gradually submitted to parliament for approval, the Swiss government confirmed.
Quelle: Tax-News.com
