At its meeting on 16 March 2017, the Council of States approved the multilateral agreement on the exchange of country-specific reports (ALBA agreement; Federal Council transaction 16,078) by 37 votes to 3 and the implementation law by 40 votes to 1 with 2 abstentions. The Council of States is the first Council to deal with the matter. In the next step, the matter will be discussed by the National Council.

According to the Dispatch of 23 November 2016 concerning the approval of the Multilateral Agreement of the competent authorities on the exchange of country-specific reports and its implementation (Federal Act on the International Automatic Exchange of Country-Specific Reports by Multinational Corporations, ALBAG), the aim is to combat profit reduction and relocation by multinational companies and to implement the results of the OECD/G20 BEPS project.

In the Council of States the proposal was discussed critically, but the majority took the view that it would be worse for Switzerland if it did not participate. The Council of States also amended the draft law, in particular to the effect that negligence would not be a criminal offence. The minutes of the Council of States are available here.