*Australia-Switzerland tax treaty to be revised – negotiations concluded and will be signed soon (including access to Swiss Bank details) [31]

The Government has announced that negotiations for a revised Australia-Switzerland tax treaty have recently been concluded and that the governments of both countries will sign the revised treaty at the earliest opportunity, subject to the completion of their respective domestic approval processes. The Assistant Treasurer David Bradbury said the revised treaty would strengthen administrative assistance between Australian and Swiss revenue authorities, including overcoming long-standing bank secrecy provisions. He said the updated treaty will also promote investment between Australia and Switzerland. The Government said further information on the revised treaty will be made available upon signature.

Source: Assistant Treasurer’s media release No 067, 12 May 2013

[LTN 89, 13/5/13]