Switzerland signs declaration on introduction of AEOI with Canada and initiates consultation
Bern, 05.02.2016 - Switzerland has signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis with Canada. The two countries 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.
As was the case with the earlier declarations with the EU, Australia, the British crown dependencies of Jersey, Guernsey and the Isle of Man, as well as Iceland, Norway and Japan, Canada fits the profile of the states with which the Federal Council wishes to introduce the AEOI.
From a legal viewpoint, the automatic exchange of information with Canada 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 Federal Council has authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI following the signing with Canada. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.
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