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Switzerland and South Africa have agreed to automatically exchange tax information from 2019.
The two countries signed a joint declaration on the automatic exchange of information (AEOI) on November 24, 2016. They intend to begin collecting data in 2018, with the first exchanges to take place in 2019. Implementation will be based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA).
The Swiss Federal Council said that Switzerland is committed to implementing the international AEOI standard and is strengthening its network of AEOI partner states. It added that South Africa has appropriate provisions in place for safeguarding the confidentiality of the data exchanged and adheres to the principle of speciality.
The Swiss Federal Department of Finance will consult on the introduction of the AEOI with South Africa. The Federal Council will then submit the corresponding federal decrees to Parliament.
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