The Japan-Switzerland Joint Declaration Automatic Exchange of Information, signed in January 2016 will enter into force on 1 January 2017, the Japanese government has announced.
The government confirmed that Japan and Switzerland exchanged notes on automatic exchange of information on December 8. Therefore, financial account information related to taxable periods or charges to tax beginning on or after 1 January 2017 will be automatically exchanged on a reciprocal basis as of 2018.
The exchange of notes is intended to develop cooperation between the two countries in the field of taxation through the effective implementation of automatic exchange of information and contribute to the prevention of international tax evasion and tax abuse, the Japanese government said.
As confirmed by the Japan-Switzerland Joint Declaration on Automatic Exchange of Information, the information obtained by either state will be treated as secret and protected in accordance with the Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.