Switzerland signs tax information exchange agreement with Grenada

Bern, 21.05.2015 - On 19 May 2015, Switzerland and Grenada signed a tax information exchange agreement (TIEA) in London. Such agreements are concluded within the framework of Switzerland's administrative assistance policy.

The agreement has to be approved by Parliament and subjected to an optional referendum before it can enter into force. During the hearing procedure which followed the completion of negotiations, the cantons and the business associations concerned expressed their support.

Switzerland has signed eight TIEAs to date. The agreements with Jersey, Guernsey and the Isle of Man are in force and have been applicable since 1 January 2015. The agreements with Andorra, Greenland, San Marino and the Seychelles were approved by Parliament on 20 March 2015 and are likely to enter into force this autumn, subject to a referendum being called. Negotiations with other interested jurisdictions are under way.

On 4 April 2012, the Federal Council decided to adopt the international administrative assistance standard not only in double taxation agreements (DTAs) but also in tax information exchange agreements.

In principle, DTAs and TIEAs are equivalent 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 in this regard, TIEAs merely govern the exchange of information upon request.


Address for enquiries

Tax Division, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 60 45, steuern@sif.admin.ch



Publisher

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

The Federal Tax Administration
https://www.estv.admin.ch

https://www.admin.ch/content/gov/en/start/documentation/media-releases.msg-id-57340.html