Switzerland Has Improved Adherence With Tax Transparency Standards
The OECD's Global Forum has found Switzerland largely compliant with the international standards on transparency and the exchange of information upon request. It said that Switzerland has addressed a number of deficiencies identified in its last review in 2016. This includes improving the exchange of information process and a doubling of the number of staff working in the Exchange of Information Unit. Switzerland has also ensured the availability of ownership information, particularly in respect of bearer shares.
The Forum recommended that Switzerland should now ensure that its notification and appeal procedures do not unduly prevent or delay an effective exchange of information. The preservation of the confidentiality of the information received when processing requests should be further scrutinized.
The OECD also said that Switzerland should take additional measures for the availability of beneficial ownership information of all legal entities and arrangements.