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Switzerland and Argentina have signed a joint declaration on the introduction of the automatic exchange of tax information (AEOI).
The agreement was signed on November 16. Both countries intend to start collecting data in 2018, with the first exchanges to take place in 2019. Implementation of the agreement will be based on the Multilateral Competent Agreement on the Automatic Exchange of Financial Account Information.
The Swiss Federal Council said the move confirms Switzerland's international commitment to implementing the AEOI standard. It explained that Argentina "meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI."
Switzerland's Federal Department of Finance will now hold a consultation on the agreement, after which the corresponding federal decrees will be submitted to Parliament for approval.
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