The protocol amending the United States Tax Treaty with Switzerland has been ratified by the United States and began to take effect as of 20 September 2019.
On 17 July 2019 the US Senate ratified a protocol to the US tax treaty with Switzerland and on 20 September 2019 the official documents of ratification were exchanged between the two countries. The details of the protocol are discussed in more detail in the release we sent on 4 July 2019.
The effective dates of the changes made by the protocol vary. With respect to the changes involving withholding taxes – amounts paid or credited on or after 1 January 2020 will be governed under the new rules. The new rules for the exchange of information involving requests from banks or financial institutions for information will take effect for requests made on or after 20 September 2019 (the date of entry into force) which requests information related to any date after 23 September 2009 (the date of the signature of the Swiss Protocol). For any other information requests the new rules will apply for requests dealing with any period after 1 January 2010. The new rules related to the mandatory arbitration provisions will have effect as of 20 September 2019 for cases that are currently under considerations as well as any cases arising after this date.
