The Swiss Federal Council on October 17 decided to expand the list of countries with which Switzerland would exchange country-by-country (CbC) reports.
The legal basis for the exchange of CbC reports entered into force for Switzerland on December 1, 2017. Switzerland had then submitted to the OECD a list of 108 countries with which the Government will exchange CbC reports.
These countries were either members of the Inclusive Framework on base erosion and profit shifting (BEPS), or signatories to the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports as at December 1, 2017.
The Swiss Federal Council has now decided to submit an updated list of countries to the OECD in December this year to add countries that have either signed the Multilateral Agreement or have joined the Inclusive Framework on BEPS since December 1, 2017.
The Swiss Federal Council also adopted an amendment in the Ordinance to take into account revised and updated guidance issued by the OECD in the form of technical answers for the preparation and exchange of CbC reports. The amendment will enter into force on December 1, 2018.