Switzerland Commits to Automatic Tax Information ExchangeFrom JDSUPRA Business Advisor, Tax Controversy Watch, October 10, 2014: FATCA Notebook: Former IRS Chief, Taxpayer Advocate, Criticize FATCA
Stephen Miller suggests the benefits of the new information reporting regime imposed by FATCA may not outweigh its costs;
Nina Olson says re FATCA consequences: “I don’t think we’ll know that for years. And by that point we’ll actually be a little too late to go, “Oops, my bad, we shouldn’t have done this,’ and then try to unwind it.”
Also in the article:
Finally, Switzerland announced on October 8 that it would move toward automatic exchange of bank account information with other countries, including the EU and the United States. (See articles here and here.) If adopted, the earliest date for automatic exchange of data would be 2018 and the new reporting regime would require Switzerland to notify an account holder’s country of origin if a Swiss bank account is opened. Switzerland also announced that it would seek to negotiate a Model 1 Intergovernmental Agreement (IGA) with the United States to implement FATCA, to replace the Swiss-U.S. Model 2 IGA that was reached in February 2013.
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