On November 27, 2016 Israel and Switzerland signed a joint declaration, which has not yet been publicized, according to which Israel and Switzerland will commence exchange of banking information according to the Common Reporting Standard (CRS) model as of 2017.

The Israeli Tax Authority published a press-release according to which earlier this week, the Commissioner of the Israeli Tax Authority, Mr. Moshe Asher and Mr. Jörg Gasser, the Swiss State Secretary for International Financial Matters, signed a joint declaration of intent, to automatically exchange financial account information, according to the Common Reporting Standard (CRS). The declaration is intended to enhance cooperation regarding the exchange of information, equal tax enforcement in Israel, payment of tax liabilities and to minimize undeclared capital. It is not entirely clear from the press release whether the exchange of information will be automatic or upon demand.

We take this opportunity to mention that the Israeli Voluntary Disclosure Procedure is scheduled to end at December 31, 2016. Accordingly, the last opportunity for taxpayers who have not yet done so, to enter into this program will lapse at the end of this year.