The ordinance contains the Federal Council's implementing
provisions for the Federal Act on the International Automatic
Exchange of Information in Tax Matters (AEOI Act).
The ordinance mentions in particular other non-reporting
financial institutions and exempt accounts, and regulates details
with regard to the reporting and due diligence requirements for
reporting Swiss financial institutions. Aside from the implementing
provisions for the AEOI Act, the ordinance contains other
provisions that are required to implement the automatic exchange of
information. They also include implementing provisions on the tasks
of the Federal Tax Administration (FTA), on the information system
and in the Annex the applicable alternative provisions of the OECD
commentary on the Common Standard on Reporting and Due Diligence
for Financial Account Information.
On 15 July 2014, the OECD Council adopted the new global
standard for the international automatic exchange of information in
tax matters (AEOI standard). It provides that certain financial
institutions, collective investment vehicles and insurance
companies collect financial information on their clients, so long
as they are resident abroad for tax purposes. This information
covers all types of investment income and account balances. As a
rule, this information is automatically transmitted once a year to
the tax authority, which transmits the data for the client to the
respective tax authority abroad. This transparency seeks to prevent
tax bases from being hidden from the tax authorities abroad.
With regard to the introduction of the AEOI standard, the
Federal Assembly adopted the Multilateral Convention on Mutual
Administrative Assistance in Tax Matters (administrative assistance
convention) and the Multilateral Competent Authority Agreement
(MCAA), together with the AEOI Act, on 18 December 2015. The legal
foundations for the AEOI were thus established. The AEOI must be
activated bilaterally so that it can be introduced with a partner
state. To date, Switzerland has signed an agreement on the
introduction of the AEOI with the EU, as well as joint declarations
on the basis of the MCAA with a number of other countries and
To date, almost 100 countries and territories have declared
their intention to the Global Forum on Transparency and Exchange of
Information for Tax Purposes (Global Forum) to implement the AEOI
standard. The AEOI should be introduced in 2017 so that the first
exchange of data with selected partner states can take place from
With effect from 18 April Jersey is introducing a new regime in respect of private funds - simplifying the regulatory regime, and extending the benefits of flexibility and speed across Jersey's private funds space.
The English Court of Appeal has recently re-affirmed, in National Infrastructure Development Co Ltd v Banco Santander...
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