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Swiss Banks Outline Stance On AEOI

by Ulrika Lomas,, Brussels

24 September 2015

For the automatic exchange of tax information to be successful, there must be "true coordination" between the major financial centers, Patrick Odier, Chairman of the Board of Directors at the Swiss Bankers Association, has said.

In a recent speech, Odier noted that Switzerland has taken the necessary domestic legislative measures to conform with new international standards on tax compliance.

In June, the Federal Council submitted to Parliament dispatches on the implementation of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA), and the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. A new Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act) contains provisions on the organizational, procedural, judicial, and criminal requirements associated with the MCAA.

The first exchanges are due to take place in January 2018.

Odier said: "For Switzerland, it is imperative that the group of countries with which this automatic exchange of information will be conducted respects the criteria set by the Federal Council (in particular the possibility of regularizing the past and business potential for the financial center), and [that] a true coordination between the key financial centers like New York, London, Luxembourg, and Singapore exists ([to create a] level playing field)."

"How can Switzerland be expected to implement the automatic exchange of information with a country, if other important financial centers do not have such an agreement with the country in question?"

TAGS: compliance | tax | business | tax compliance | tax avoidance | banking | financial services | Luxembourg | Singapore | United Kingdom | ministry of finance | tax authority | Switzerland | United States | revenue statistics | standards | trade association | trade | services

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