On January 29, 2016 the Swiss Federal Department of Finance issued a press release announcing that on January 28, 2016 Switzerland and Japan signed a Joint Statement on the introduction of Automatic Exchange of Information of Financial Account Information in Tax Matters.
In the Joint Statement Switzerland and Japan 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 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 Japan. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.
Click here to be forwarder to the Joint Statement on the introduction of Automatic Exchange of Information as signed by Switzerland and Japan and as published on the website of the Swiss Federal Department of Finance, which will open in a new window.
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