BERN: The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes. In the case of Belize, it covers the income tax, business tax, and general sales tax.
The agreement must now be approved by the Swiss parliament and may be subjected to a referendum before it can enter into force. The cantons and business associations have already expressed their support for the deal.
In April 2012, the Swiss Federal Council decided to adopt the international standard for administrative assistance in its TIEAs and double tax agreements. Switzerland’s TIEAs with Jersey, Guernsey, and the Isle of Man have been applicable since January 1, 2015. Its agreements with Andorra, Greenland, San Marino, and the Seychelles entered into force in July and will be applicable from January 1, 2016.