Philipp Zuend

Philipp Zuend

Director, Financial Services, Regulatory & Compliance

The AEoI now enforced in Switzerland: what’s next?

The Automatic Exchange of Information (AEoI) has been in force in Switzerland since 1 January 2017. This means that Switzerland will start exchanging 2017 data with the EU member states, Australia, Guernsey, Isle of Man, Iceland, Japan, Jersey, Canada, Norway and South Korea for the first time in September 2018. But what does this really mean?
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Guidelines as last step to implementation of the AEoI

The Automatic Exchange of Information (AEoI) will follow in Switzerland in a few months’ time. After the publication of the draft AEoI ordinance in May 2016 and the draft AEoI guidelines on 3 August 2016, the legal bases for the AEoI are complete.

AEoI Ordinance: a step closer to implementing the AEoI

On 18 May 2016, the Swiss Federal Council launched the consultation period on the Ordinance on the Automatic Exchange of Information in Tax Matters (AEoI). The purpose of the AEoI Ordinance is to regulate further relevant details on how the AEoI is to be implemented.

The AEoI will enter into force in less than a year

It has been known for some time already that EU member states among themselves and EU member states with Liechtenstein have introduced the AEoI as at 1 January 2016, with a first exchange of data in the year 2017 regarding 2016. It is expected that Switzerland will be exchanging data with 38 countries in 2018 in respect of 2017 data.
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Non-tax compliant clients can be caught by group requests

The Swiss Federal Tax Administration has recently approved a Dutch group request for administrative assistance affecting clients directly. It is expected that the Netherlands will soon target other Swiss banks’ clients as well and that other countries will follow this approach.

AIA zwischen Liechtenstein und EU ab 1. Januar 2016

Liechtenstein hat sich 2014 zusammen mit 50 anderen Early Adopter Staaten zur Umsetzung des Automatischen Informationsaustauschs (AIA) per 1.1. 2016 verpflichtet. Nach der Unterzeichnung des Abkommens mit der EU müssen liechtensteinische Banken, Versicherungen und bestimmte Investmentunternehmen 2017 erstmals betreffend das Jahr 2016 eine Meldung vornehmen.