By Davide Anghileri, University of Lausanne, Switzerland
Switzerland’s Federal Council, during its meeting on 14 August, confirmed that Switzerland will exchange financial account information with 33 more reviewed partner countries for the first time in September.
The list comprises Andorra, Argentina, Barbados, Belize, Brazil, Chile, China, Colombia, Cook Island, Costa Rica, Curaçao, Faroe Islands, Greenland, Hong Kong, India, Indonesia, Liechtenstein, Malaysia, Mauritius, Mexico, Monaco, Montserrat, New Zealand, Russia, Saint-Kitts and Nevis, Saint Martin, Saint Vincent and the Grenadines, Sainte-Lucia, Saudi Arabia, Seychelles, Singapore, South Africa, and Uruguay.
The Federal Council decided to commence the automatic exchange of financial account information (AEOI) based on the positive feedback by the economic affairs and taxation committees of both parliamentary chambers.
The report on the review mechanism for standard-compliant implementation of the AEOI was approved by the Federal Council during its meeting on 29 May. Consequently, it was sent to the relevant parliamentary committees for consultation to receive recommendations of the partner states before the first exchange of data.
Notwithstanding that various questions were raised during the consultation, both committees agreed to recommend the Federal Council to make available the data to the partner states. Hence, the exchange of data can be made for the first time in September.
The Federal Council will continue to evaluate the situation in the individual partner states as required by the review mechanism.
Consequently, the committees will be periodically informed about the implementation progress in the individual countries. In case of irregularities, the Federal Department of Finance would take the necessary measures with the approval of the Federal Council.
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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