The European Commission has signed a protocol that extends the automatic exchange of tax information with Switzerland, including electronic money products, digital currencies, as well as enhanced requirements regarding due diligence and reporting.

The European Commission announced the signing of a protocol to amend the tax cooperation agreement with Switzerland, which extends the automatic exchange of financial information to include electronic currency products and digital currencies.

This amendment introduces enhanced due diligence and reporting requirements, establishing a new framework for cooperation in the recovery of claims related to value-added tax.

The protocol underscores the commitment of both parties to combat tax fraud and evasion, ensuring alignment with the EU Directive on administrative cooperation and OECD standards.

The EU has also signed similar protocols with Andorra, Liechtenstein, Monaco, and San Marino, thereby strengthening its position as a leader in promoting fair and transparent tax practices globally.