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The Swiss Federal Council has launched a consultation on a proposed new Ordinance on the International Automatic Exchange of Information in Tax Matters.
The Ordinance will implement the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act). It sets out reporting and due diligence requirements for affected Swiss financial institutions, and explains which institutions will be exempt from its scope.
The Ordinance also covers the role of the Federal Tax Administration (FTA) in implementing AEOI, and includes the Organisation for Economic Cooperation and Development's (OECD's) commentary on the Common Standard on Reporting and Due Diligence for Financial Account Information.
In December 2015, the Swiss Federal Assembly adopted the AEOI Act, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA).
To date, Switzerland has reached an agreement with the European Union on the introduction of AEOI, and signed joint declarations on the basis of the MCAA with a number of other jurisdictions. These include South Korea, Australia, Jersey, the Isle of Man, Norway, Japan, and Canada.
Almost 100 countries and territories have declared their intention to implement the AEOI standard developed by the OECD. The aim is to introduce AEOI in 2017, with the first exchanges of information taking place from 2018.
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