On January 20, 2016 the Swiss Government issued a press release announcing that it approved the signing of the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (Hereafter the Agreement). According to the press release Switzerland as well as numerous other countries are going to sign the Agreement in Paris on January 27, 2016.

It is furthermore stated that in Switzerland the prerequisites for the exchange of information in domestic law are to be created in an implementing act.

According to the press release the Swiss Federal Council intends to submit the multilateral agreement and the implementing act for consultation in the first half of 2016. They will go through the standard approval process (Federal Council dispatch to Parliament, approval by Parliament and optional referendum) before entering into force.

The multilateral agreement sets out the conditions under which the tax authorities of two countries will automatically exchange country-by-country reports on multinationals in their territory. It is based on the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters (administrative assistance convention), which was approved by the Federal Assembly in December 2015.

According to the press release the signing of the multilateral agreement leaves it to a country to choose the countries with which it wishes to automatically exchange country-by-country reports.

To be forwarded to the press release as issued by the Swiss Federal Department of Finance click here.

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