Switzerland, Australia To Automatically Share Tax Data

by Ulrika Lomas, Tax-News.com, Brussels

05 March 2015

Switzerland and Australia have signed a joint declaration on the implementation of automatic information exchange in tax matters.

The declaration was signed by the Swiss Ambassador to Australia, Marcel Stutz, and Australian Treasurer Joe Hockey on March 3, 2015.

The declaration provides for the automatic exchange of information based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the latest international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD).

Switzerland and Australia intend to begin collecting data in 2017 and are to start exchanging data from 2018.

The Australian Government confirmed that information on Swiss financial accounts held by Australian residents will be checked against the income declarations.

The Federal Council will now prepare a consultation draft on the agreement with Australia. A corresponding Federal Decree will be submitted to Parliament for approval.

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