The DTA means exchange of information on tax matters between the two countries will now be easier. This exchange of information will also meet the global standard for the automatic exchange of information on financial accounts (AEOI), which aims to stamp out cross-border tax evasion. Some 100 countries, including Switzerland, have committed to implementing the AEOI but the US has taken a different path by implementing its own standard – the FATCA. Tax evasion and tax fraud now identicalUnder the new Swiss–US treaty, which will apply to requests for information on financial accounts from September 23rd 1999 onward, tax evasion and tax fraud are now identical. Group requests – or requests for information on financial accounts for group of people where individuals are not named – will also be possible provided they are dated from June 30th, 2014 on.

Source: The Local July 18, 2019 08:48 UTC