Switzerland To Expand AEOI Network
Ulrika Lomas, Tax-News.com, Brussels
13 June, 2019
The Swiss Federal Council has adopted a dispatch on the introduction of the automatic exchange of financial account information (AEOI) with a further 19 partner states.
The Council said that of the 108 states and territories that are currently committed to the international AEOI standard, 19 are not yet part of Switzerland's AEOI network. The Council explained that it intends to exchange financial account information for the first time with the following countries: Albania, Azerbaijan, Brunei Darussalam, Dominica, Ghana, Kazakhstan, Lebanon, Macao, the Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey, and Vanuatu.
Federal decrees will be submitted to the Swiss Parliament for approval in the 2019 autumn and winter sessions. The rules are expected to enter into force in 2020. Before an initial exchange of data, the Federal Council will again review whether the states meet the requirements of the AEOI standard. The first exchanges of data could then take place in 2021.
At the end of September 2018, Switzerland automatically exchanged financial account information with 36 states and territories for the first time. It plans to exchange data with a further 37 states at the end of September 2019.
The Council has also approved a report on the review mechanism for standard-compliant implementation of the AEOI by the states with which Switzerland intends to exchange data from this autumn. The report will be submitted to the relevant parliamentary committees for consultation, after which the Council will decide whether to proceed with the data exchanges.
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