Switzerland Consults On Implementation Of AEOI Agreements
by Ulrika Lomas, Tax-News.com, Brussels
29 December 2016
The Swiss Federal Department of Finance (FDF) has launched a consultation on the introduction of the automatic exchange of information in tax matters with a series of other countries.
The consultation will run until March 15, 2017. The Swiss Government intends for the AEOI with these countries to enter into force on January 1, 2018, with the first exchanges to take place in 2019.
The FDF said that the introduction of the AEOI with these countries confirms Switzerland's international commitment to implementing the AEOI standard. The FDF expects that extending the network of AEOI partner states will help strengthen the competitiveness, credibility, and integrity of Switzerland's financial center.
The list of countries includes: Andorra, Argentina, Barbados, Bermuda, Brazil, the British Virgin Islands, the Cayman Islands, Chile, the Faroe Islands, Greenland, India, Israel, Mauritius, Mexico, Monaco, New Zealand, San Marino, the Seychelles, South Africa, Turks and Caicos, and Uruguay.
The FDF said that these countries adhere to the principle of speciality and have appropriate measures in place for safeguarding the confidentiality of the data exchanged.
From a legal point of view, implementation of the AEOI will be based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.
Switzerland will introduce the AEOI in 2017 with EU member states, Australia, Iceland, Norway, Japan, Canada, South Korea, and the British crown dependencies of Jersey, Guernsey, and the Isle of Man. Parliamentary approval is required for the AEOI with these countries to enter into force.
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