Switzerland: New Standards on the Exchange of Tax-Related Information

In the spring of 2009 the names and account information of 285 US citizens holding undeclared accounts with UBS in Switzerland were handed over to the US tax authorities. At the same time, judicial proceedings were filed in Germany and France against holders of Swiss accounts based on tax data stolen by former employees of Swiss banks. These events added to the growing international pressure, in particular from the OECD, on Switzerland to soften its standards on the exchange of information in tax matters. The present contribution aims at providing an overview of the main changes shaping Switzerland’s new standards.