The Swiss Federal Department of Finance (FDF) has launched a consultation aimed to introduce the automatic exchange of information (AEOI) related to tax issues with a list other countries.
The consultation will run until March 15, 2017.
The list includes the following jurisdictions:
the British Virgin Islands,
the Cayman Islands,
the Faroe Islands,
South Africa, Turks and Caicos,
The AEOI with the above-mentioned countries is to enter into force on January 1, 2018, with the first exchanges to take place in 2019.
The FDF said that the introduction of the AEOI with these countries confirms Switzerland’s international commitment to implementing the AEOI standard as well as strengthens the competitiveness, credibility, and integrity of Switzerland’s financial center. The implementation of the AEOI will be based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.
In 2017, Switzerland will introduce the AEOI with EU member states, Australia, Iceland, Norway, Japan, Canada, South Korea, and the British crown dependencies of Jersey, Guernsey, and the Isle of Man. To enter into force, the agreements require parliamentary approval of these countries.