By Davide Anghileri, University of Lausanne
Switzerland’s Federal Council adopted a dispatch on the introduction of automatic exchange of financial account information (AEOI) with 19 more partner states during its meeting on 29 May. Entry into force is planned for 2020 with the first exchange of data in 2021.
The Federal Council agreed to exchange financial account information with the following additional partner countries: Albania, Azerbaijan, Brunei Darussalam, Dominica, Ghana, Kazakhstan, Lebanon, Macao, the Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey, and Vanuatu.
With the corresponding expansion of the AEOI network, Switzerland is committed to creating a level playing field worldwide.
In fact, by the end of September 2018, Switzerland automatically exchanged financial account information with 36 states and territories for the first time and plans to exchange data with 37 more partner states by the end of September 2019.
To activate the AEOI from 2020, Switzerland’s parliament must approve the dispatch during its autumn and winter sessions. However, before exchanging data with these partner states, the Swiss Federal Council will review whether the states meet the requirements of the AEOI standard.
During the same meeting, the Federal Council approved a report on the review mechanism for standard-compliant implementation of the AEOI by all partner states.
The Federal Council instructed the Federal Department of Finance to submit the report to the parliamentary committees for consultation. The Federal Council will then decide whether any data at all should be exchanged with a partner state.
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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