Switzerland on Tuesday signed a revised double taxation agreement with Luxembourg, easing the restrictions on the exchange of tax information between the two countries.
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It is the second of 12 such agreements Switzerland needs to sign in order to be removed from the “grey list” of tax havens established in April by the Organisation of Economic Co-operation and Development (OECD).
Switzerland signed its first agreement with Denmark last week. It has another 11 agreements drawn up, including with France, the United States, Japan and Britain.
The agreements all conform with Article 26 of the OECD’s Model Tax Convention, which creates an obligation for countries to share relevant data for tax enforcement.
The cabinet has given permission to sign four more of these agreements. The others will be submitted to cabinet shortly, the finance ministry said in a statement.
Double taxation agreements are kept confidential during negotiations and after they are initialled. They are made public only after they are signed.
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Swiss sign first double taxation accord
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