Switzerland hosts meeting on tax transparency

Alexander Karrer (archive picture) of the State Secretariat for International Financial Matters signed the bilateral accord with Singapore in Geneva on Monday Keystone

An international meeting on transparency and exchange of tax data is underway in the Swiss city of Geneva.

The five-day gathering of the Global Forum peer review group is to examine the implementation of so-called group requests and the issue of the identification of beneficial owners, according to the State Secretariat for International Financial Matters.

“This meeting confirms that Switzerland supports the efforts of the international community regarding tax transparency,” the statement says.

It adds that it is essential for Switzerland that these efforts are supported by all and that the standards are correctly applied.

The working meeting will allow Switzerland to present its expertise in technical assistance to developing countries, according to the press release.

It is part of an ongoing evaluation of the implementation of the exchange of information standard upon request and is hosted for the first time by Switzerland.

The Global Forum was set by the Organisation for Economic Co-operation and Development (OECD) and is comprised of 142 members.

Singapore

Ahead of Monday’s launch in Geneva, senior government officials from Switzerland and Singapore have signed a bilateral agreement on the automatic exchange of tax information.

The accord, subject to approval by the Swiss parliament, is expected to be applied from the beginning of next January with the first exchange of data in 2019.

Switzerland and Singapore also agreed a mutual understanding on cooperation in financial services, officials said.