Both the European Commission and Switzerland have published announcements that an agreement between the EU and Switzerland on the automatic exchange of information in tax matters was initialed on 19 March 2015. The agreement allows for the exchange of financial account information, and is in line with the new OECD/G20 global standard for the automatic exchange of information. It will replace the taxation of savings agreement between Switzerland and the EU, which has been in force since 2005.
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