Automatic exchange of information (AEOI) - First exchange in Autumn 2018
Automatic exchange of information (AEOI)
Since January 1st, 2007, Switzerland has introduced the AEOI legal foundations. The exchanges will take place under the OECD’s Common Reporting Standards (CRS), which provide for the automatic exchange information automatically. For the first time, data will be exchanged in Autumn 2018, between 37 State members and Switzerland. For swiss citizens who have assets in one of the signatory Member States, the swiss financial institutions will also receive those tax related information. From 2019 onwards, swiss financial institutions will also apply the same reporting duties with the other 41 partner states.
The delegation of Switzerland to the OECD believes that the cross- border tax evasion will be prevented with the help of the global standard, and will allow Switzerland to enhance its strong financial place.