On November 24, 2016 the Swiss Federal Department of Finance issued a press release announcing that on that same date the Swiss Federal Council and the Government of the Republic of South Africa signed a joint declaration on the introduction of Automatic Exchange Of Information (AEOI) in tax matters on a reciprocal basis.

Both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from 2019 onwards. In this respect the joint declaration states a.o. the following:

“Both jurisdictions intend to introduce on a reciprocal basis automatic exchange of financial account information in tax matters based on the OECD Common Reporting Standard and the Commentaries thereon between each other beginning with the reporting period for 2018 (first transmission of data in 2019).

This will be subject to:

(a)   the Multilateral Convention on Mutual Administrative Assistance in Tax Matters of 25 January 1988, as amended by the Protocol of 27 May 2010, being in force in each jurisdiction;

(b)   the signing of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information by each jurisdiction;

(c)   the notification as provided for in Section 7 (Term of Agreement) of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information by each jurisdiction to the Co-ordinating Body Secretariat being made, which includes, among other requirements, the notification that the necessary laws are in place to implement the OECD Common Reporting Standard;

(d)   the Swiss Confederation and the Republic of South Africa notifying the Co-ordinating Body Secretariat that they intend to exchange information on an automatic basis between each other based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.”

Click here to be forwarded to the joint declaration on the introduction of Automatic Exchange Of Information as signed on November 24, 2016 by the Swiss Federal Council and the Government of the Republic of South Africa as available on the website of the Swiss Government, which will open in a new window.

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