Swiss Government Says It, US Have Agreed on New Tax Treaty
BERN, Switzerland (AP) _ Swiss and U.S. officials have agreed after 17 years of negotiations on a new taxation treaty, the Swiss government said Tuesday.
The new accord, which must be ratified by each government, aims at avoiding double taxation of the income of citizens of the two countries, said a statement by the Swiss Finance Department. The treaty is to replace a 1951 agreement.
The U.S. Embassy in Bern said it had no immediate comment on the announcement.
A department statement said the negotiations were concluded in Paris by Daniel Luethi, deputy director of the Swiss Tax Administration, and Joseph H. Guttentag, international tax counsel of the U.S. Treasury.
The accord essentially is based on the model treaty of the 26-nation Organization for Economic Cooperation and Development with modifications for U.S. and Swiss policy.