StartCriminal tax lawInternational Exchange of InformationSwitzerland

Exchange of Information with Switzerland

Switzerland will commence participation in the automatic exchange of information no later than 2017. LHP Attorneys provide legal advice and information on administrative assistance in taxation matters.

Switzerland providing administrative assistance to Germany in taxation matters used to be unheard of. Political pressure over the last years has lead to a softening-up of the Swiss banking secrecy. It must be observed, that the discovery of an offence presents an estoppel for a voluntary self-disclosure. A preliminary consultation is often helpful in considering the special characteristics of a voluntary self-disclosure. Whether the client decides to submit a voluntary self-disclosure remains his discretion. LHP Attorneys assist in preparing a voluntary self-disclosure.

History and outlook of the exchange of information with Switzerland

Switzerland did not render administrative assistance to Germany until very recently. The implementation of global reporting standards is currently commencing in Switzerland. LHP Attorneys informs on the current legal interpretation by Switzerland and the expected changes for clients due to the agreement between Switzerland and Germany to introduce the AIA standards.

What happened so far: The history of Swiss administrative assistance

Current development: Switzerland starts implementing global standards for the exchange of information

Swiss administrative assistance will be expanded

It is no secret, that the political pressure on Switzerland to increase administrative assistance mainly originated in Germany and the EU. The parliamentary state secretary of the Federal Minister for Finances, Dr Michael Meister, offered his opinion in spring 2015:

“We welcome Switzerland and Singapore eventually participating in the automatic exchange of information. Germany has made the necessary preparations early and spearheaded the efforts for more transparency. In the future, it will no longer be possible to conceal capital income in these countries from the German Tax Authority.”

It is safe to assume, that Switzerland will cooperate broadly - not only for the sake of securing its access to international financial hubs. Swiss administrative assistance will expand in line with the acceptance of standards globally.

LHP: Attorneys at Law, Tax Law Specialists, Tax Advisers PartmbB

Cologne

Theodor-Heuss-Ring 14, 50668 Cologne,
Telephone: +49 221 39 09 770

Zurich

Stockerstrasse 34, 8002 Zurich,
Telephone: +41 44 212 3535