Switzerland and South Korea have agreed to work toward implementing automatic exchange of information (AEOI) in tax matters on a reciprocal basis in accordance with the OECD common reporting standard.
The two governments signed a joint declaration on February 18 in Seoul, intending to start collecting data in accordance with the global AEOI standard in 2017 and to first transmit data in 2018.
Both countries must first establish the legal basis for the excahnge. The Swiss Federal Council said in a statement that it has authorized the Federal Department of Finance to initiate a consultation on introducing the AEOI following the signing with South Korea. A corresponding federal decree will then be submitted to Parliament for approval.
Switzerland has signed similar declarations with Australia, Jersey, Guernsey, the Isle of Man, Iceland, Norway, Japan and Canada.
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