Working visit of State Secretary Gasser in Argentina - Switzerland signs joint declaration on introduction of AEOI

Bern, 16.11.2016 - On 16 November 2016, Switzerland and Argentina signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis. Both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from 2019 onwards. Aside from the signing of the AEOI by State Secretary Jörg Gasser for Switzerland, both countries also conducted negotiations on the framework conditions for investments and market access for financial services and the basic principles of Swiss financial market policy.

The signing of the joint declaration with Argentina, in the presence of the Argentinian Finance Minister Alfonso Prat-Gay, confirms Switzerland's international commitment to implementing the AEOI standard. Switzerland is thus strengthening its network of AEOI partner states. Argentina meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI.

From a legal viewpoint, the automatic exchange of information with Argentina 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.

The Federal Council has authorised the Federal Department of Finance (FDF) to conduct a consultation for the introduction of the AEOI with Argentina and other countries. It will be initiated soon. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.

On his working visit to Argentina, State Secretary Jörg Gasser from the State Secretariat for international Finance Matters (SIF) will also discuss the framework conditions for investments and structural reforms in Argentina, market access for financial service providers, the positions in international financial bodies and the possibilities for structural reforms. Argentina will take over the G20 presidency in 2018. Switzerland is a regular participant in the work of the G20 in the Finance Track.

Address for enquiries

Beat Werder, Head of Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 469 79 47, beat.werder@sif.admin.ch