SWITZERLAND has finally done it. They have signed the OECD-tailored Multilateral Convention on Mutual Administrative Assistance in Tax Matters during a ceremony at Paris.

The signing comes after the Swiss Federal Council approved the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on October 9.

The Multilateral Convention provides for all forms of mutual assistance: exchange on request, spontaneous, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights. It provides the option to undertake automatic exchange while requiring an agreement between the Parties interested in this form of assistance. With the support of the G20, automatic exchange is becoming the new international standard, and Switzerland adheres to an instrument that will allow it, in due time, to join the jurisdictions that will decide to exchange financial information automatically.

The 58 signatories to the Convention are: Albania, Argentina, Australia, Austria, Azerbaijan, Belgium, Belize, Brazil, Canada, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Ghana, Greece, Guatemala, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Malta, Mexico, Moldova, Morocco, Netherlands, New Zealand, Nigeria, Norway, Poland, Portugal, Romania, Russian Federation, Saudi Arabia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Tunisia, Turkey, Ukraine, United Kingdom, and United States.

The following jurisdictions are also covered by the Convention through territorial extension by Denmark: the Faroe Islands and Greenland; by territorial extension by the Netherlands: Aruba, Curaçao and Sint Marteen; and by territorial extension by the United Kingdom: the Cayman Islands, Montserrat and Turks and Caicos.