On May 18, 2016 the Swiss Government issued a press release announcing that on that same date the Swiss Federal Council initiated the consultation on the Ordinance on the International Automatic Exchange of Information in Tax Matters. According to the press release the consultation will last until September 9, 2016.
The ordinance contains the Federal Council's implementing provisions for the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act). The ordinance mentions in particular other non-reporting financial institutions and exempt accounts. Furthermore it regulates details with regard to the reporting and due diligence requirements for reporting Swiss financial institutions. Aside from the implementing provisions for the AEOI Act, the ordinance contains other provisions that are required to implement the automatic exchange of information. These include implementing provisions on the tasks of the Federal Tax Administration (FTA) on the information system. The Annex to the ordinance contains the applicable alternative provisions of the OECD commentary on the Common Standard on Reporting and Due Diligence for Financial Account Information.
On December 18, 2015 the Swiss Federal Assembly adopted the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the Multilateral Competent Authority Agreement and the AEOI Act.
Click here to be forwarded to the press release as available on the website of the Swiss Federal Department of Finance, which will open in a new window. Attached to this press release you will find:
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