Federal Council adopts dispatch on more tax information exchange agreements

Bern, 20.08.2014 - Today, the Federal Council adopted the dispatch on a further four tax information exchange agreements, which will now be submitted to parliament for approval. The agreements in question are with Andorra, Greenland, San Marino and the Seychelles.

Tax information exchange agreements (TIEAs) – like double taxation agreements (DTAs) – are instruments for concluding an administrative assistance clause in accordance with the international standard. Unlike DTAs, which are aimed primarily at avoiding double taxation and therefore contain other material provisions, TIEAs merely govern the exchange of information upon request. The TIEA with the Seychelles also serves the purpose of boosting tax receipts in this developing country and thus contributes to strengthening Switzerland's development cooperation.

The TIEAs on which the Federal Council adopted the dispatch today were signed on 7 March 2014 (Greenland), 17 March 2014 (Andorra), 16 May 2014 (San Marino) and 26 May 2014 (Seychelles). The agreements have to be approved by parliament before they can enter into force. They are subject to an optional referendum. During the hearing procedure which followed the completion of negotiations, the cantons and the interested business circles expressed their support.

In addition to these four TIEAs, Switzerland has already concluded three TIEAs with Jersey, Guernsey and the Isle of Man, which will enter into force during the fourth quarter of 2014 provided a referendum is not held by the set deadline. Further TIEAs are currently being negotiated.

Address for enquiries

Anne Césard, Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 62 91, anne.césard@sif.admin.ch