Double taxation CH-UK: 0.672.936.711 – 0.672.936.73 (de, fr, it) An agreement was signed in October 2010 to start negotiations on an agreement that will tax undeclared accounts of Britons in Switzerland and share more information on tax and banking information between the two states. The agreement will strengthen, inter alia, cross-border cooperation in tax matters and improve banks` access to market access. Negotiations began in early 2011 and the agreement was signed on 6 October 2011. A protocol was signed on 20 March 2012 to clarify the outstanding issues. The United Kingdom has reached a reciprocal agreement with a number of countries on the European Directive on the taxation of savings. The UK has also concluded a number of non-reciprocal agreements under the EU Savings Tax Directive. Statistics from January to July 2010 show that imports from Switzerland (mainly pharmaceuticals, jewellery, electrical machinery) were €72 million compared to €91.2 million for the same period in 2009, while Maltese exports increased to €9.3 million (mainly machinery and pharmaceuticals), compared to €5.7 million in the first half of 2009. The agreement will enter into force after ratification by both countries. ARTICLE 25.1. The competent authorities of the Contracting States shall exchange information (i.e. information at their disposal under their respective tax laws) necessary for the application of the tax provisions of this Convention which are the subject of the Convention.
All information thus exchanged shall be treated in secret and shall not be communicated to persons other than those responsible for fixing and collecting the fees which are the subject of the Convention. No information may be exchanged that would disclose trade, commercial, banking, industrial or professional secrets or business processes. The Federal Council`s decision is implemented in bilateral double taxation agreements. The greater scope for the exchange of information will only have practical effect when the renegotiated agreements enter into force. It is also necessary to adapt the agreement with the EU on the taxation of savings. If the income remains taxable in both countries, the exemption from double taxation must be taxed by the taxable person`s country of residence. .