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Switzerland To Amend Tax Information Exchange Regime

by Ulrika Lomas, Tax-News.com, Brussels

14 March 2019


The Swiss Federal Council has launched a consultation on proposals to amend the Federal Act and Ordinance on the International Automatic Exchange of Information in Tax Matters (AEOI).

The proposals are in response to recommendations from the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes on the Swiss tax framework, which has been operational since January 1, 2017.

The Federal Council said that recommendations concern due diligence and registration obligations, the maintenance of a document retention obligation for reporting Swiss financial institutions, and definitions.

The consultation will run until June 12. The proposal is expected to be discussed by the Swiss Parliament in spring 2020, after which the amendments to the law and ordinance would enter into force on January 1, 2021.

TAGS: compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax information exchange agreement (TIEA) | tax compliance | FATCA | law | Organisation for Economic Co-operation and Development (OECD) | legislation | Switzerland | Compliance | Tax

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