Switzerland, Australia agree on tax information exchangeMarch 3, 2015 - 17:34 AMT PanARMENIAN.Net - Switzerland and Australia agreed to begin automatic exchange of tax information on each other’s citizens, as the Alpine country seeks to distance itself from its reputation as a haven for undeclared offshore assets, the Wall Street Journal reports. The two countries will supply each other with tax information based on international standards, the Swiss State Secretariat for International Financial Matters, known as SIF, said Tuesday. The standards, set by the Organization for Economic Cooperation and Development in 2014, require governments to collect and share information on bank accounts and financial instruments held by foreign citizens. Around 100 countries, including Switzerland and all 34 OECD nations, have said they would adopt the new global standard for automatic exchange of tax information, according to the SIF. The standard is designed to help eliminate tax evasion and improve international tax cooperation. The agreement comes amid continued pressure on Switzerland over banking secrecy, an issue that was highlighted last month by allegations that the Swiss private-banking unit of HSBC Holdings PLC had aided clients in avoiding taxes. The Geneva public prosecutor’s office has searched the offices of HSBC Private Bank (Suisse) SA as part of a probe of those allegations. Authorities around the world are cracking down on tax evasion, an effort that has picked up steam since the financial crisis. Swiss and Australian tax authorities will begin collecting data in 2017 and expect to share the information the following year, the SIF said, according to the Journal. The agreement with Australia marked Switzerland’s first under the OECD guidelines on reciprocal exchange of tax data. The Swiss government is currently negotiating with the U.S. on a similar element as part of the Foreign Account Tax Compliance Act, while discussions with the European Union are at an “advanced stage,” according to a SIF spokeswoman. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |