EU-Swiss Tax Information-Sharing Agreement Nears Approval

EU envoys agreed Wednesday on a draft that would update the current agreement between the EU and Switzerland on the exchange of financial information.

The draft will now be discussed by EU ambassadors, before formal approval by Swiss and EU authorities by October, according to people familiar with the matter.

A European Commission document to EU countries says that updates to the agreement were necessary after changes to the common reporting standards issued by the Organization for Economic Cooperation and Development. The agreement includes provisions to allow the recovery of value-added tax claims in Switzerland. It also revises some data ...