Switzerland and Colombia have revised their double taxation agreement
Bern, 26.08.2011 - Switzerland and Colombia have concluded negotiations on revising their double taxation agreement (DTA), and initialled a Protocol of Amendment. Along with an administrative assistance clause in accordance with the internationally applicable standard, the revised agreement contains various provisions that are beneficial to the Swiss economy.
Switzerland and Colombia had negotiated their first double taxation agreement a few years ago, and signed it in December 2007. This DTA will enter into force shortly and be applicable from 1 January 2012. In accordance with the Swiss practice at the time of signing, the administrative assistance clause in that DTA was not in line with the international standard. This was the subject of the latest revision negotiations, and the revised agreement is now in line with the international standard in terms of administrative assistance. However, the DTA will be applicable later than the agreement originally negotiated.
The content of the revised agreement with Colombia is confidential at first. The next step is for it to be disclosed to the cantons and business associations concerned so that they can submit their comments. The revised agreement will then be signed and subsequently presented to the National Council and Council of States for approval. The Protocol of Amendment can be ratified and enter into force once the partner state has also approved the revision.
Address for enquiries
Beat Furrer
Head of Communications, Federal Tax Administration
tel. 031 324 91 29
Publisher
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html