Switzerland consults on AEOI with 20 more countries

Switzerland’s Federal Department of Finance launched a consultation on introducing automatic exchange of information (AEOI) in tax matters with 20 additional countries.

The countries under consideration are: China, Indonesia, Russia, Saudi Arabia, Liechtenstein, Colombia, Malaysia, the United Arab Emirates, Montserrat, Aruba, Curaçao, Belize, Costa Rica, Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the Cook Islands and the Marshall Islands.

AEOI is to be based on the international standard for the exchange of information developed by the OECD under the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information. The implementation of AEOI with these nations would be from 1 January 2018, with the first exchange of information taking place in 2019.

In 2017, Switzerland introduced AEOI with all EU member states including Gibraltar, as well as with Australia, Iceland, Norway, Japan, Canada, South Korea and the British crown dependencies of Jersey, Guernsey and the Isle of Man. Data will be exchanged for the first time with these 38 states and territories in 2018.

The consultation, which will end on 13 April, is running parallel to Switzerland’s consultation, initiated on 1 December 2016, regarding the introduction of the AEOI with other states and territories from 2018/2019. When the consultations have been completed, both proposals will be merged into a single item and submitted to parliament.