OECD to move Switzerland off tax list
Tax haven is praised for efforts to be more transparent after signing information exchange deal with the US
Switzerland is set to be removed from the OECD’s roster of countries not
fully co-operating in tax evasion enquiries bacause they are shielded by bank
secrecy rules.
The influential think tank took the decision after the land-locked country
signed an exchange of information agreement with the United States.
Switzerland now has 11 agreements, 10 of which are with countries signed up
to the OECD charter including France, the UK and now the US.
The OECD said Switzerland was planning another agreement, which had been the
cue for the decision to reclassify it.
“This will mark [Switzlerland’s] twelfth 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,” the
OECD said.
11 other jurisdictions – Aruba, Austria, Belgium, Bermuda, British Virgin
Islands, Bahrain, Cayman Islands, Luxembourg, Monaco, Netherlands Antilles and
San Marino – have moved to the category of jurisdictions having substantially
implemented the standard since April 2.
“The OECD’s Secretary-General Angel Gurría said: “Our congratulations to the
Swiss authorities. Signing agreements is only one step in a process. What we
will now be looking for [is] effective implementation by all countries.”