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The Swiss Federal Department of Finance (FDF) has launched a consultation on the introduction of the automatic exchange of information (AEOI) in tax matters with 20 new countries.
The implementation of the AEOI with these countries is planned for January 1, 2018, with the first exchanges of information expected to take place in 2019.
The consultation concerns the following countries: China, Indonesia, Russia, Saudi Arabia, Liechtenstein, Colombia, Malaysia, the United Arab Emirates, Montserrat, Aruba, Curacao, Belize, Costa Rica, Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the Cook Islands, and the Marshall Islands.
The FDF said that for these countries to join Switzerland's network of AEOI partner states, they must respect the principle of speciality and safeguard the confidentiality of the data delivered.
According to the FDF, the introduction of the AEOI with these states and territories confirms Switzerland's international commitment to implementing the AEOI standard.
The consultation will run until April 13, 2017. In December, the FDF initiated a consultation on the introduction of the AEOI with: Andorra, Argentina, Barbados, Bermuda, Brazil, the British Virgin Islands, the Cayman Islands, Chile, the Faroe Islands, Greenland, India, Israel, Mauritius, Mexico, Monaco, New Zealand, San Marino, the Seychelles, South Africa, Turks and Caicos, and Uruguay. This consultation will close on March 15, 2017.
The FDF confirmed that once the consultations have been completed, both proposals will be merged and submitted to parliament as a single piece of legislation.
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