On February 5, 2016 the Swiss Federal Department of Finance issued a press release announcing that on February 4, 2016 Switzerland and Canada 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 Canada 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 (MCAA).

The Federal Council has authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI following the signing with Canada. 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 Canada and as published on the website of the Swiss Federal Department of Finance, which will open in a new window. If you prefer to read the French version of the Joint Declaration then click here (The French version of the joint declaration can be found at page 13).

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