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Switzerland will start to exchange financial information with foreign countries

The Federal Council of the Swiss Confederation adopted the Ordinance on the automatic exchange of country-by-country reports, which will enter into force on December 1, 2017 as an addition to the Federal Law on the automatic exchange of country-by-country reports of the transnational companies. It should be mentioned that this Law and the Multilateral Agreement of the competent authorities on the exchange of the intercountry reports to date are the legislative base of Switzerland for the automatic exchange of financial information with other states. The adopted Ordinance introduces a requirement for transnational companies that operate in Switzerland, to compile country-by-country reports on an annual basis starting in 2018, as well as fixes the content of these reports. Switzerland will begin the exchange of country-by-country information in 2020. As the Federal Council assures, this decision is designed to bring the legal basis of the state in line with one of the international standards for preventing the base erosion and profit shifting, the purpose of which is to ensure transparency of taxation of transnational companies and the development of a unified concept for the exchange of reports.