The Chilean ambassador, Edgar Dörig, and Rodrigo Valdés, Chile’s Finance Minister, signed joint declarations on the introduction of automatic exchange of information (AEOI) in tax matters with Switzerland, the Swiss Federal Council announced December 6.
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 onward.
The Swiss government said that Chile meets, in particular, the high demands of the principle of speciality and the safeguarding of confidentiality for the data delivered. Adherence to these principles are prerequisites for the introduction of AEOI with Switzerland.
The signing of the joint declarations, after similar agreements in the last month, 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 declarations were also the occasion to recognise the importance and potential benefits of cross-border investment and financial services between the two countries, the Swiss government said.
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.
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