Switzerland exits `tax haven' list
29 Sep 2009
Switzerland has come out of the list of `tax haven' countries with the signing of 11 different taxation agreements with various countries and the incorporation of a protocol to its tax treaty with the United States that incorporates the internationally agreed tax information standard.
The Organisation for Economic Cooperation and Development (OECD) has taken Switzerland off the list of non-cooperative tax havens, following these agreements, an OECD release said.
"Switzerland has signed 11 taxation agreements with different nations and most of them are significant economic partners like the US and the UK," the release noted.
The 11th agreement for the exchange of information in tax matters signed by Switzerland and the US meets the OECD standard, the release said.
OECD said Switzerland is also expected to shortly sign another agreement. This will mark the 12th agreement conforming to the OECD standard and will mean that Switzerland joins the category of jurisdictions that have substantially implemented the internationally agreed tax standard, it said.
"Because of the time difference, this will be reflected in the regular progress report to be issued Friday morning in Paris," the release added.
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