Switzerland Government endorses US FATCA agreement

Switzerland Government endorses US FATCA agreement

The Swiss Federal Council approved the intergovernmental agreement concluded with the United States on facilitating compliance with FATCA. With introduction of FATCA the US government will have an opportunity to impose tax on any accounts housing the assets of US taxpayers.  

FATCA requires agreement to be concluded between foreign financial institutions and the US Internal Revenue Service to exchange information on accounts held by US persons with Swiss banks. Consequently, the information will not be transfered automatically in the absence of consent of account holder, but instead it will be exchanged only on the basis of the administrative assistance clause in the two countries' double taxation agreement.

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