Federal Council initiates consultation on introduction of AEOI with 18 further states
During its meeting on 7 December 2018, the Federal Council initiated the consultation on the introduction of the automatic exchange of financial account information (AEOI) with 18 further states and territories. The implementation of the AEOI is planned for 1 January 2020, and the first exchange of data should take place in 2021. The expansion of Switzerland’s AEOI network takes current international developments into account.
In June 2018, the OECD adapted the conditions used to determine whether the international standards on tax transparency are being implemented satisfactorily. One of the conditions requires that individual states and territories complement their AEOI network with all partner states that have an interest in the AEOI and meet the requirements of the OECD standard. This extended scope of application of the AEOI will create a level playing field worldwide, which will benefit the Swiss financial centre.
Against this backdrop, after consulting the relevant parliamentary commissions, the Federal Council is proposing to expand Switzerland’s AEOI network with additional states and territories. These are the 18 partner states that are still missing from the 107 states and territories that are currently committed to implementing the AEOI. By expanding its AEOI network accordingly, Switzerland is underlining that it is implementing its international obligations.
In accordance with the Federal Council’s proposal, the Swiss AEOI network is to be expanded to include the following 18 states and territories: Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macao (China), the Maldives, Nigeria, Niue, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey and Vanuatu. Before an initial exchange of data with these partner states, the Federal Council will once again review whether they meet the requirements of the AEOI standard on the basis of the federal decree of 6 December 2017. The focus will be on data security and confidentiality.
The consultation will last until 20 March 2019. The Federal Council plans to submit the dispatch on the introduction of the AEOI with these partner states to Parliament in spring 2019.
Press release of the Swiss Federal Government of 7 December 2018 – www.admin.ch