Switzerland consults on introducing AEOI with 21 further countries

1 December 2016, the Federal Department of Finance (FDF) initiated a consultation on introducing the automatic exchange of information (AEOI) in tax matters with 21 other countries. The AEOI with these countries should enter into force on 1 January 2018 so that data can start to be exchanged in 2019. The consultation will last until 15 March 2017.

The countries named are: 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, the Turks and Caicos Islands and Uruguay.

AEOI with these countries will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD. The finance ministry said in a statement that the treaties “contribute to strengthening the competitiveness, the credibility and integrity of Switzerland’s financial centre.”

Switzerland is to introduce AEOI in 2017 with all of the EU states including Gibraltar, as well as with Australia. The same applies to Iceland, Norway, Japan, Canada, South Korea and the British crown dependencies of Jersey, Guernsey and the Isle of Man. The entry into force of AEOI with these countries and territories is conditional on approval by parliament in the 2016 winter session.