EU Clears Updates to Tax Data-Sharing Agreement With Switzerland

The European Commission amended its tax cooperation agreement with Switzerland to expand information sharing on digital currencies and establish a cross-border value-added tax claim recovery framework.

The agreement also revises some data protection clauses given updates to both countries’ data protection regimes, the commission said in a press release Monday.

Updates to the agreement were necessary since the Organization for Economic Cooperation and Development updated its Common Reporting Standard.

• The Common Reporting Standard directs countries to collect information from their financial institutions and automatically share that information with other countries.
• Switzerland isn’t a member of the EU, but has signed ...