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Switzerland Consults On New AEOI Agreements

by Ulrika Lomas, Tax-News.com, Brussels

16 October 2017


The Swiss Federal Council has opened consultations on the implementation of new automatic tax information exchange (AEOI) agreements with Hong Kong and Singapore.

The agreement with Hong Kong was signed on October 13, the same day as the Federal Council launched the consultation. The agreement with Singapore was signed in July.

The Federal Council said that it is important for Switzerland's financial sector that the same competitive conditions exist globally. It added that the introduction of the AEOI with competing financial centers is of particular importance in ensuring this.

The Federal Council intends to introduce the AEOI with Singapore and Hong Kong in 2018. It expects the first exchanges of information to take place in 2019.

To meet this schedule, the Council has initially decided to introduce the AEOI with both countries provisionally from January 1, 2018.

The Council has six months from the start of the provisional application to submit the proposals to Parliament for approval. It expects to submit the dispatch on both agreements for adoption next spring.

The consultation will close on January 27, 2018.

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

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