On July 6, 2016 the Swiss Federal Department of Finance issued a press release announcing that on that same date the Swiss Federal Council adopted a dispatch on the introduction of the automatic exchange of financial account information with 8 jurisdictions. The dispatch is submitted to the Swiss Parliament for approval. According to the press release the proposal met with widespread approval in the consultation.
The 8 jurisdictions regarding which the Swiss Federal Council adopted a dispatch on the introduction of the automatic exchange of financial account information on July 6, 2016 are:
· Iceland;
· Norway;
· Guernsey;
· Jersey;
· the Isle of Man;
· Japan;
· Canada; and
· the Republic of Korea.
The automatic exchange of information with the 8 jurisdictions is due to enter into force on January 1, 2017. Provided that the approval processes in Switzerland and the 8 partner jurisdictions have been completed, the first exchange of data should take place in 2018.
From a legal point of view, Switzerland and the 8 jurisdictions will automatically exchange information based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA in turn is based on the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters (Convention). Both the Convention and the MCAA were adopted by Parliament in December 2015 together with the Federal Act on the International Automatic Exchange of Information on Tax Matters (AEIA). The referendum deadline expired on April 9, 2016 without a referendum being called.
Attached to the press release are:
Botschaft (Draft Dispatcht);
Bundesbeschlüsse (Draft Federal Decree)
Ergebnisbericht Jersey, Guernsey, der Insel Man, Island und Norwegen (Report on the consultation results regarding Jersey, Guernsey, Isle of Man and Norway);
Ergebnisbericht Japan (Report on the consultation results regarding Japan);
Ergebnisbericht Kanada (Report on the consultation results regarding Canada);
Ergebnisbericht Republik Korea (Report on the consultation results regarding Republic of Korea).
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