Automatic exchange of information: a new standard

The Swiss example shows that international tax standards may lead to changes in the national law.

Over time, Swiss banking secrecy came under increasing international pressure, first from the United States of America and subsequently from the Organisation for Economic Co-operation and Development (OECD) and from the European Union (EU). Switzerland and the US concluded the so-called FATCA Agreement. Following the development of a new OECD tax standard, Switzerland also agreed to a decisive revision of the Swiss–EU agreement on the taxation of savings.

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