Switzerland Agrees to Common Reporting System or (“CRS”)

On November 19th Switzerland signed a multilateral component authority agreement to implement the new global standard on automatic exchange of information in tax matters, a move the OECD hailed as a “landmark decision”. (tax analysts)

This is a tremendous development, countries that have sat on the fence whilst determining CRS policy will now move forward with intent. It is uncertain whether the US and many other countries will become a signatory in the near future, as revenue laws will have to be amended to provide for the disclosure of beneficial owners.