MOSCOW (Sputnik), Yulia Shamporova – In early October, the Swiss government tasked the finance ministry with implementing the Organization for Economic Co-operation and Development's (OECD) recommendations on coordinating international tax law with the body's other members.
"Switzerland always implements the rules and recommendations of the bodies it is member of. Switzerland is currently reviewing the taxation policy. It is equally important that all involved states apply the same principles and rules too (fair play)," Helg emphasized.
Foreign citizens residing in Switzerland as well as multinational corporations often take advantage of the various tax exemptions or reductions available in the country to implement tax evasion and fraud schemes.
The OECD standards, known as the base erosion and profit shifting (BEPS) project will require member-states to amend their laws and practices to enable more transparency in their corporate taxation policies. New standards are due to be adopted by the G20 leaders in November.
