Switzerland agrees to share tax information on multinationals

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Switzerland said on Wednesday it would start sharing information on the activities of multinationals in its territory with other countries in 2020, joining an international push to fight tax evasion.

The new measures will force about 200 large companies in the low-tax haven to prepare country-by-country reports – showing where they are generating revenues and where they are paying taxes.

The effort is part of a global crackdown on companies shifting profits to lower tax areas to reduce their tax payments.

Other countries, including European Union members and Japan have already agreed to start sharing information two years earlier, from 2018.

 

 

Source:  News agencies