As published on tax-news.com, Wednesday 22 June, 2022.
At its meeting on May 18, 2022, the Swiss Federal Council approved the dispatch on the introduction of the automatic exchange of information on financial accounts (AEOI) with 12 other partner countries.
Specifically, the Federal Council intends to exchange information on financial accounts with the following other partner countries for the first time in 2024: Ecuador, Georgia, Jamaica, Jordan, Kenya, Morocco, Moldova, Montenegro, New Caledonia, Thailand, Uganda, and Ukraine. Entry into force is planned for 2023 with a first data exchange in 2024.
The expansion to these 12 states will ensure that Switzerland shares tax information automatically with all 120 countries and territories currently commited to the AEOI standard. "With the corresponding expansion of the AEOI network, Switzerland is helping to create a level playing field worldwide and to ensure that illegal financial flows can be fought effectively," the Swiss Government said.