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.
Davide Anghileri
Davide Anghileri is a PhD candidate at the University of Lausanne, where he is writing his thesis on the attribution of profits to PEs. He researches transfer pricing issues and lectures for the Master of Advanced Studies in International Taxation and Executive Program on Transfer Pricing.
Anghileri, a Contributing Editor at MNE Tax, previously worked as a policy advisor to the Swiss government on BEPS issues.
Davide can be reached at [email protected].
Latest posts by Davide Anghileri (see all)
- Swiss government approves new law governing tax treaties - November 11, 2020
- EU states’ compliance with tax avoidance directives assessed in Commission report - August 26, 2020
- Italy clarifies VAT reporting obligations of online marketplaces - June 16, 2020
- EU blacklist: Cayman Islands added with other three jurisdictions - February 18, 2020
- Italy adopts digital services tax, notional interest deduction - January 8, 2020
Be the first to comment