On February 19, 2016 the Swiss Federal Department of Finance issued a press release announcing that on February 18, 2016 Switzerland and theRepublic ofKorea signed a Joint Declaration on the introduction of Automatic Exchange of Information of Financial Account Information in Tax Matters.

In the Joint Declaration Switzerland and the Republic of Korea state that they intend to introduce on a reciprocal basis automatic exchange of financial account information in tax matters based on the OECD Common Reporting Standard and the Commentaries thereon between each other beginning in the year 2017 (first transmission of data in 2018).

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.

The Federal Council has authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI following the signing with the Republic of Korea. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.

Click here to be forwarder to the Joint Declaration on the introduction of Automatic Exchange of Information as signed by Switzerland and the Republic of Korea and as published on the website of the Swiss Federal Department of Finance, which will open in a new window.

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