Switzerland and the EU today initialed an agreement introducing a global standard for the automatic exchange of information in tax matters. Switzerland and the 28 member states of the EU plan to collect tax information beginning in 2017, and exchange it beginning in 2018. The agreement incorporates the OECD’s global automatic exchange of information standard. This agreement will replace Switzerland’s taxation of savings agreement with the EU that has been in force since 2005.
The parties expect that the agreement will be formally signed in the coming weeks. In Switzerland it will be submitted to Parliament for approval and will be subject to an optional referendum. The agreement’s entry into force in 2017 is conditional on completion of the approval processes in Switzerland and the EU.
Switzerland is currently in negotiations with the United States to enter into an automatic exchange of information agreement.