It was announced by the Swiss government on 20 January 2016 that Switzerland has signed joint declarations on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis with Jersey, Guernsey, the Isle of Man, Iceland and Norway. Switzerland and these countries intend to start to exchange data in 2018, after the necessary legal basis has been created in the various countries.
The joint declarations signed by Switzerland and these countries meet the criteria set by the Federal Council in the negotiation mandates of 8 October 2014. Aside from the EU and the United States, the negotiations initially concern countries with which there are close economic ties and which provide their taxpayers with sufficient scope for regularisation. Switzerland has already signed a joint declaration of this nature with Australia and an agreement on the introduction of the AEOI has already been concluded with the EU.
It is notable that the Swiss government´s announcement of these agreements also states that
- These five countries have prepared scope for regularisation for their taxpayers, and that
- Iceland and Norway have reiterated their intention to start talks on market access for Swiss financial service providers.
The Federal Council authorised the Federal Department of Finance (FDF) to initiate a consultation on introducing the AEOI with the other countries following the signing of the declarations with the various countries. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.
Please see the link below for more details.