Switzerland Ready to Make Efforts to Avoid Being on the List of Tax Havens

Switzerland will consider the recommendations of the Global Forum, who said on Wednesday that the federal government does not fulfill all the required standards for information exchange.

The Forum on transparency and exchange of information for tax purposes has certified “that the country has made a major change for administrative assistance. Switzerland has successfully completed the first phase of its review procedure administrative assistance,” says the government.

The Global Forum, which brings together one hundred countries to assess themselves, welcomed on Wednesday the “rapid progress” made by Switzerland to emerge from the gray list of tax havens published in spring 2009 by the Organisation and Development (OECD).

However, “like many other countries”, the country is not fully met all the criteria. “The World Forum recommended to take several steps. Switzerland will examine the implementation of these recommendations, ” promised the authorities.

The Confederation has signed a series of new double taxation agreements providing for a relaxed exchange of information. But such agreements would only consider administrative assistance in the event that Switzerland received specific requests including the identification of suspects of tax evasion by their country and their bank.

While Switzerland is said on the track, the Forum warned Wednesday that the federal government will move to the next phase of evaluation, scheduled during the second half of 2012, only if they have a “significant number ” agreements “compliant”.