This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
  • Delicious


Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

Email Address: 
Password: 

Login »

Forgotten your password?


Today’s Top Headlines




Switzerland, South Africa To Automatically Exchange Tax Info

by Ulrika Lomas, Tax-News.com, Brussels

02 December 2016

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.

TAGS: South Africa | compliance | tax | tax information exchange agreement (TIEA) | tax compliance | ministry of finance | tax authority | agreements | Switzerland | revenue statistics | Africa

To see today's news, click here.

Leave a comment

Read our Posting Guidelines