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OECD peer review: Switzerland still falls short on transparency

printer Mail

Switzerland’s has made ‘rapid progress’ to implement a commitment to the internationally agreed standard on exchange of information for tax purposes, the OECD reported.

However, the country still falls short in a few areas, according to the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. Bearer savings books are ‘being phased out but still exist’, and ‘only a limited number of Switzerland’s exchange of information agreements meet the standard’.

The Forum issued nine new peer review reports, including assessments of the legal framework in France, the Isle of Man, Italy, New Zealand, the United States and Singapore. A further 25 reports are set to be completed by November 2011, bringing the number of reviews to about 60 before the G20 Summit.