CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Switzerland Adopts Ordinance On International AEOI

Switzerland Adopts Ordinance On International AEOI

by Ulrika Lomas, Tax-News.com, Brussels

25 November 2016


Switzerland's Ordinance on the International Automatic Exchange of Information (AEOI) in Tax Matters will enter into force on January 1, 2017.

The Swiss Federal Council adopted the ordinance on November 23. The ordinance contains the Federal Council's implementing provisions for the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act). The ordinance also contains technical provisions for the implementation of the AEOI Act, and establishes the role of the Federal Tax Administration in administering AEOI.

The Swiss Parliament adopted the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the Multilateral Competent Authority Agreement (MCAA), and the AEOI Act in December 2015. This established the legal foundations for the AEOI, in line with international standards.

To date, Switzerland has signed an agreement on the introduction of the AEOI with the EU, as well as a number of AEOI joint declarations with countries including India, Canada, South Korea, and Japan.

To date, more than 100 countries and territories have declared their intention to implement the AEOI standard, which requires that certain financial institutions, collective investment vehicles, and insurance companies collect financial information on their clients resident abroad for tax purposes. As a rule, once a year, this information will be sent automatically to the country's tax authority, which will then transmit the data to the relevant authorities abroad.

TAGS: compliance | tax | investment | tax compliance | India | tax avoidance | insurance | tax authority | Canada | Switzerland | revenue statistics | European Union (EU) | Japan | Europe

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »