Switzerland signs joint statement on introduction of AEOI with Japan and initiates consultation
Bern, 29.01.2016 - Switzerland has signed a joint statement on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis with Japan, a key economic partner. Switzerland and Japan intend to start collecting data in accordance with the global AEOI standard in 2017 and first transmit data in 2018, after the necessary legal basis has been created in both countries.
Japan fits the profile of the states with which the Federal Council wishes to introduce the AEOI. Because of the good economic and political relations with Switzerland, the transparent voluntary disclosure programmes for taxes, the appropriate level of confidentiality and data protection for the specific tax matters and the discussion on market access within the framework of the financial dialogue already established, Japan meets the criteria set by the Federal Council in the negotiation mandates of 8 October 2014. Switzerland has already signed a joint statement of this nature with several countries. An agreement on the introduction of the AEOI has been concluded with the EU.
From a legal viewpoint, the automatic exchange of information will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD. To date, almost 100 states have undertaken to adopt the standard and to start exchanging information on this basis for the first time in 2017 or 2018.
The planned introduction of the AEOI with Japan in 2017, with exchanges starting in 2018, will generally help to strengthen Switzerland's position internationally. Moreover, Switzerland will be able to step up its tax cooperation with a key G20 member by introducing the AEOI with Japan.
The Federal Council has authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI following the signing with Japan. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.
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