Switzerland To Exchange First Swiss CbC Reports In June
Mary Swire, Tax-News.com, Hong Kong
21 June, 2018
Switzerland is preparing to exchange multinational groups' country-by-country reports with 35 partner states at the end of June.
This will be the first time that such exchanges have taken place. The Federal Tax Administration (FTA) will send a total of 109 reports to 35 partner states.
The reports relate to the 2016 tax period. The reports contain information on companies' global allocation of income, taxes paid, and principal business activities in various countries. The content of each report is confidential and is subject to the principle of speciality.
For the 2016 tax period, the reports were submitted in Switzerland on a voluntary basis. The submission of reports will be mandatory from the 2018 tax period onwards.
The exchange of reports will be based on the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, which 69 countries and jurisdictions have signed so far.
The Swiss Government said it does not know whether the FTA will receive country-by-country reports from groups headquartered in other states at this time.