Switzerland

At its meeting on May 18, 2022, the Swiss Federal Council approved the dispatch on the introduction of the automatic exchange of information on financial accounts (AEOI) with 12 other partner countries.

As part of its commitment to fighting cross-border tax evasion and profit shifting, Switzerland sent information on over 3m financial accounts in 2021, according to a new review of the Swiss financial center by the State Secretariat for International Financial Matters.

A group of experts assessing the Swiss tax regime has drawn up an action plan on improving Switzerland's international tax competitiveness.

On December 23, 2020, Switzerland and Italy signed a new agreement on the taxation of cross-border commuters and an amendment to their existing double taxation agreement.

Germany and Pakistan have deposited their instrument of ratification with the OECD to bring into force the BEPS multilateral instrument for their networks of tax treaties.

On November 17, 2020, Luxembourg's tax authority published Circular LG – Conv. DI no. 66, outlining the changes made by the BEPS multilateral instrument (BEPS MLI) to the double tax agreement in place with Switzerland.

The Swiss Federal Council has approved proposed legislative changes to alter how the country interprets double tax agreement provisions.

In an October 15, 2020, statement, the Swiss Government announced it will not pay interest on federal taxes paid early.

The Cyprus Tax Department has released ten-year government bond yield rates for five new territories, to support businesses in calculating claims for Cyprus's Notional Interest Deduction. The rates are for Bermuda, Denmark, Jordan, Portugal, and Switzerland.

On September 11, 2020, the Swiss Federal Council launched a consultation on proposals for the total revision of the customs system.

Russia's Government has approved wording for a draft Protocol that it will seek to conclude with Malta, to revise their double tax agreement to increase withholding tax rates at source for cross-border dividends and interest income.

Russia's Ministry of Finance has announced that it signed a Protocol to amend its double tax agreement with Cyprus on September 8, 2020.

The French Ministry of Finance confirmed on August 31, 2020, that several tax agreements applying to cross-border workers during the COVID-19 crisis have been extended.

On August 26, 2020, the Swiss Federal Council ratified a new double taxation agreement with Bahrain and a Protocol to revise its DTA with Kuwait.

The Swiss Government has confirmed it will extend a tax exemption for surface disinfectants in light of COVID-19.

The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24.

Russia's double tax agreements with Hong Kong and Switzerland are next on the radar for authorities in Russia, who are seeking to ensure the country can subject to at least 15 percent withholding tax outbound dividends and interest payments.

Effective August 1, 2020, Switzerland relaxed the rules for tourists seeking to export goods free from tax.

On July 20, 2020, the French Government published in the Official Gazette a decree to expand the list of jurisdictions exempt from local filing reporting requirements under the country's country-by-country reporting regime.

Switzerland has signed protocols to its double taxation agreements with Cyprus, Liechtenstein, and Malta to implement minimum standards developed as part of the OECD's BEPS project.

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