Switzerland sign convention

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images (5)Switzerland signed the tax convention with the OECD (Organization for Economic Cooperation and Development) and Council of Europe, meaning they will give administrative assistance in tax matters. Switzerland is not the first to sign the convention, since it was created in 1961 and amended in 2010 fifty seven other countries have signed up. It sets out to work together on tax matters, exchange information and assistance in tax collection. The Swiss plan to take it one step further and offer other jurisdictions automatic exchanging of financial information. Angel Gurria the secretary-general of the OECD is quoted as saying ‘It sends a clear and strong signal that Switzerland is part of the community of states which consider international tax co-operation as a necessity. This signature is an important step for Switzerland to resolve the issues identified in its Peer Review by the Global Forum on Transparency and Exchange of Information on June 2011.’