INTERNATIONAL TAX PLAZA - The Swiss FDF opens a consultation on introducing the AEOI with 20 additional jurisdictions

On February 2, 2017 the Swiss Federal Department of Finance (FDF) opened a consultation on introducing the automatic exchange of information (AEOI) in tax matters with 20 additional jurisdictions. The AEOI with these jurisdictions is planned for January 1, 2018 so that data can start to be exchanged in 2019. The consultation will last until April 13, 2017.

The consultation regards the AEOI with the following jurisdictions:

· China;

· Indonesia;

· Russia;

· Saudi Arabia;

· Liechtenstein;

· Colombia;

· Malaysia;

· the United Arab Emirates;

· Montserrat;

· Aruba;

· Curaçao;

· Belize;

· Costa Rica;

· Antigua and Barbuda;

· Grenada;

· Saint Kitts and Nevis;

· Saint Lucia;

· Saint Vincent and the Grenadines;

· the Cook Islands; and

· the Marshall Islands.

From a legal viewpoint, the automatic exchange of information 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.

Switzerland introduced the AEOI with all EU member states including Gibraltar in 2017, as well as with Australia, Iceland, Norway, Japan, Canada, South Korea and the British crown dependencies of Jersey, Guernsey and the Isle of Man. Data will be exchanged for the first time with these 38 states and territories in 2018.

With respect to this consultation the FDF released the following documents:

· Federal Decree (German, French or Italian)

· Explanatory Report (German, French or Italian)

· Letter to the Cantons (German, French or Italian)

· Letter to the organizations (German, French or Italian)

· List of addressees (German)

On December 1, 2016 the Swiss FDF already opened a consultation on introducing the AEOI with another 21 jurisdiction. In this respect we refer to our article from December 2, 2017.

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