On 24 November, Switzerland signed joint declarations on the introduction of automatic exchange of information (AEOI) in tax matters with South Africa. The data collecting will start on a reciprocal basis in accordance with the global AEOI standard in 2018 and the exchange will be in force from 2019 onwards.
The signing of this joint declaration, after five similar agreements in the last week, confirms Switzerland’s international commitment to implement the AEOI standard and to strengthen its network of AEOI partner states.
The AEOIs will be grounded on the international standard for the exchange of information developed by the OECD included in the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The agreements state that confidentiality rules and data safeguards are to be applied in keeping with the applicable international standards.
The declaration was also the occasion to recognise the importance and potential benefits of cross-border investment and financial services between the two countries. In fact, the countries agreed to strive to facilitate and improve the conditions for providing financial services between their jurisdictions and strengthen their co-operation on financial sector issues through regular dialogue.