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Alternative Market Briefing

Switzerland expands fiscal transparency

Tuesday, September 20, 2016

Benedicte Gravrand, Opalesque Geneva:

On Thursday, Switzerland will ratify further agreements to facilitate the automatic exchange of information (AEoI) with several developed countries, including Japan, Canada and South Korea, and an agreement to exchange information with Brazil.

If transparency is increasing in Switzerland, opacity is not disappearing all together, reports Swiss daily Le Temps. There are still areas of non-transparency with various countries, mainly in Africa, Latin America and Asia, whose state structures are often undeveloped, and which remain out of the international economics mainstream. For these countries, the old Swiss banking secrecy system remains unchanged, in theory.

For now, Switzerland has ratified agreements of AEoI with 38 countries (mainly EU countries, some offshore jurisdictions, large OECD countries, and the US via FACTA). Switzerland will be exchanging data with these countries in 2018 in respect of 2017 data.

It also agreed with around 50 countries to exchange banking data and to impose the double tax convention, according to the OECD’s article 26, which include some of the 38 countries and others large emerging economies such as China, India, Russia, M......................

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