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Swiss Council Adopts Dispatch On 8 TIEAs

by Ulrika Lomas,, Brussels

07 July 2016

The Swiss Federal Council has adopted a dispatch on the introduction of the automatic exchange of financial account information with eight jurisdictions.

The dispatch concerns the proposed exchange of information with Iceland, Norway, Guernsey, Jersey, the Isle of Man, Japan, Canada, and the Republic of Korea. Switzerland signed joint declarations with these states and territories between January and February 2016. The associated federal decrees were then put out for consultation, and are now the subject of the Council's latest dispatch.

The Federal Council said that these jurisdictions fit the profile of the countries with which it wishes to introduce the automatic exchange of information. It explained that they meet the international requirements in terms of tax data confidentiality and offer their taxpayers sufficient scope for regularization. It added that they are prepared to consider in more detail the provision of market access for financial services providers.

The agreements are due to enter into force on January 1, 2017. The first exchanges of data expected to take place in 2018, provided that the approval processes in Switzerland and the other states have been completed by then. Switzerland is also scheduled to begin automatically exchanging information with the European Union (EU) and Australia in 2018.

Switzerland and the eight partner states and territories will exchange information based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters. The MCAA and the convention were adopted by the Swiss Parliament in December 2015, along with the Federal Act on the International Automatic Exchange of Information on Tax Matters (AEIA).

TAGS: Isle of Man | tax | Iceland | financial services | Australia | Guernsey | Jersey | Norway | agreements | Canada | Switzerland | European Union (EU) | Japan | services | Europe

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