By Davide Anghileri, University of Lausanne
On 9 May, Switzerland’s Federal Council adopted a dispatch requesting authorization from Parliament to ratify agreements on the automatic exchange of financial account information (AEOI) signed with Singapore and Hong Kong. It is expected that these agreements would be provisionally applied from 1 January with the first exchange of data in autumn 2019.
At the same time, due to the recent developments in Singapore and Hong Kong, the Federal Council proposed to implement automatic exchange of financial account information with the two countries on the basis of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (Multilateral Competent Authority Agreement; MCAA). In fact, this solution would allow the implementation of automatic exchange of financial account information on a multilateral basis, as well.
Moreover, the Federal Council proposed in the same dispatch that Parliament approve the introduction of automatic exchange of financial account information with other financial centres on a multilateral basis (MCAA) from 2019. The first data would be exchanged from 2020.
Most of these countries apply automatic exchange of financial account information in a non-reciprocal manner, like Anguilla, Bahamas, Bahrain, Qatar, Kuwait, and Nauru. These countries provide data but refrain from receiving data deliveries from their agreement partners.
The aim is to create and ensure a level playing field worldwide between all the financial markets through a better-coordinated transparency.
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].
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