Switzerland has signed an agreement on the automatic exchange of information with Singapore.
The deal marks the beginning of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Geneva. It is expected that the agreement will be provisionally applied from 1 January 2018 with the first exchange of data in 2019 subject to approval by the Swiss Parliament.
The meeting of the global forum peer review group (the twenty-sixth meeting) will last until 21 July. It is part of the new round of evaluations relating to the implementation of the exchange of information standard upon request. This new round, which began in 2016, covers both the examination of the participating countries' legislation and its effective implementation.
Amongst other things, the forum will examine the implementation of group requests and the question of the identification of beneficial owners. The first reports from this new round will be adopted during the meeting in Geneva. For Switzerland, this examination will begin during the second half of 2018 and should finish in the second half of 2019.