(April 29, 2015) 

On April 29, 2015 the Swiss Federal Department of Finance (FDF) issued a press release announcing that on April 29, 2015 the Swiss Federal Council initiated a consultation on the automatic exchange of information in tax matters with Australia.  

On March 3, 2015 Switzerland and Australia signed a corresponding Joint Declaration on the introduction of automatic exchange of information in tax matters. This Joint Declaration makes provision for the mutual application of the global standard for the automatic exchange of information once the statutory basis has come into force in both countries. Switzerland and Australia intend to start collecting data in 2017 and the first transmission of data is intended to take place in 2018, after the necessary legal basis has been created in both countries.

For Switzerland the Joint Declaration with Australia and the federal decree that has now been submitted for consultation are the first of their kind for introducing the automatic exchange of information with a partner state.

According to the press release as issued by the Swiss Federal Department of Finance, interested parties have until August 19, 2015 to comment on the federal decree based on which Switzerland will activate the automatic exchange of information with Australia.

From a legal point of view, the two countries will exchange information automatically based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). Earlier the Swiss Federal Council initiated a consultation procedure (which ended on April 21, 2015) on the MCAA and on the draft Federal Act on the International Automatic Exchange of Information in Tax Matters.

The following documents are attached to the press release (available in German and French language):

·         Bundesbeschluss / Arrêté fédéral

·         Brief an die Kantone / Lettre aux cantons

·         Brief an die Organisationen / Lettre aux organisations

·         Erläuternder Bericht / Rapport explicatif

·         Adressatenliste / Adressatenliste

Click here to be forwarded to an English version of the Joint Declaration which was signed by Switzerland and Australia on March 3, 2015.

Click here to be forwarded to the press release as issued by the Swiss Department of Finance on April 29, 2015.

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