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Swiss Federal Council Adopts Dispatch On AEOI

by Ulrika Lomas, Tax-news.com, Brussels

20 June 2017


The Swiss Federal Council has adopted a dispatch on the automatic exchange of financial account information (AEOI) with 41 jurisdictions.

The Council said that implementation is planned for 2018, and that it expects the first sets of data to be exchanged in 2019.

The information will be exchanged on the basis of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The federal decree envisages that the Federal Council will prepare a situation report before the first exchange of data. It will check whether the states and territories concerned effectively meet the requirements set under the international standard for the exchange of information developed by the OECD, especially those concerning confidentiality and data security.

According to the Federal Council, the proposals met with widespread approval from the parties who participated in its consultation on AEOI.

TAGS: Foreign Account Tax Compliance Act (FATCA) | tax | tax information exchange agreement (TIEA) | FATCA | agreements | Switzerland | revenue statistics | Compliance | Tax

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