On December 6, 2016 the Swiss Federal Department of Finance (FDF) issued a press release announcing that on November 29, 2016 the Federal Department of Finance of the Swiss Confederation and the Ministry of Finance of the Republic of Chile signed a joint declaration on the introduction of (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. In this respect the joint declaration states a.o. the following:

“Both jurisdictions intend to introduce on a reciprocal basis the 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 2018 (first transmission of data in 2019).

This will be subject to:

(a)   the Multilateral Convention on Mutual Administrative Assistance in Tax Matters of 25 January 1988, as amended by the Protocol of 27 May 2010, being in force in each jurisdiction;

(b)   the signing of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information by each jurisdiction;

(c)   the notification as provided for in Section 7 (Term of Agreement) of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information by each jurisdiction to the Co-ordinating Body Secretariat being made, which includes, among other requirements, the notification that the necessary laws are in place to implement the OECD Common Reporting Standard;

(d)   the Swiss Confederation and the Republic of Chile notifying the Co-ordinating Body Secretariat that they intend to exchange information on an automatic basis between each other based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.”

Click here to be forwarded to the joint declaration on the introduction of Automatic Exchange Of Information as signed on November 29, 2016 by the Federal Department of Finance of the Swiss Confederation and the Ministry of Finance of the Republic of Chile as available on the website of the Swiss Government, which will open in a new window.

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