Alert
Exchange of tax information between France and Switzerland: group requests to be soon applicable!
On February 16th, 2016, the French Senate has ratified the agreement which will enable the French tax administration to transmit non-nominal (without precise identification of the tax payer concerned) or group (targeting a particular category of identified tax payers) requests of exchange of tax information to the Swiss tax administration, without any prior obligation to identify the financial institution holding the requested information.
This agreement replaces the exchange of letter dated February 11th, 2010 which interpreted the provision of the double tax treaty concerning the exchange of tax information.
The entry into force of this new agreement does not require the approbation of the Swiss parliament, but a simple approval of the Federal Council, which may occur quickly.
From a practical point of view, the requests would need to be motivated by facts occurring starting back from February 1st, 2013, but the information transmitted could date back until January 1st, 2010.
The tax taxpayers who have transferred or closed their bank accounts during the past 3 years are therefore particularly concerned.
In any case, it still remain possible for them to spontaneously regularize their tax situation with the French STDR before the French tax administration initiates any procedure against them.
See the press release!
