U.S. IRS Announces Competent Authority Agreement with Switzerland Regarding NAFTA/USMCA

The U.S. IRS has announced a competent authority arrangement with Switzerland regarding references to the "North America Free Trade Agreement" ("NAFTA") in the 1996 income tax treaty between the two countries. The agreement was announced in IRS Bulletin No. 2020–33 and provides that references to "NAFTA" shall be understood as references to the term "United States-Mexico-Canada Agreement" ("USMCA") upon entry into force of the USMCA. The agreement was signed by Switzerland on 19 June 2020 a…