Switzerland signs declaration on introduction of AEOI with South Korea and initiates consultation
Bern, 19.02.2016 - Switzerland has signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis with South Korea. The two countries intend to start collecting data in accordance with the global AEOI standard in 2017 and first transmit data in 2018, after the necessary legal basis has been created in both countries.
South Korea is the latest country to sign a declaration with Switzerland based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD. To date, almost 100 states have undertaken to adopt the standard and to exchange information on this basis for the first time in 2017 or 2018.
To date, declarations based on the MCAA have been signed with Australia, the British crown dependencies of Jersey, Guernsey and the Isle of Man, Iceland, Norway, Japan and Canada. These countries fit the profile of countries with which the Federal Council wants to introduce the AEOI. Switzerland will implement the AEOI with the EU on the basis of the agreement signed on 27 May 2015. The planned introduction of the AEOI with South Korea in 2017, with exchanges starting in 2018, will generally help to strengthen Switzerland's position internationally. Moreover, Switzerland will be able to step up its tax cooperation with a key G20 member by introducing the AEOI with South Korea.
The Federal Council has authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI following the signing with South Korea. Thereafter, the corresponding federal decree will be submitted to Parliament for approval.
Address for enquiries
Anne Césard, Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 62 91, email@example.com