Switzerland adopts new Ordinance to Financial Market Supervision Act and excludes Turkey from AEOI

On 10 December 2019, the Swiss Parliament announced that Switzerland is able to introduce the Automatic Exchange of Information in tax matters with further 18 countries (Link-German). The Swiss Council of States approved 18 of 19 federal decrees. The states are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macao, the Maldives, Nigeria, Niue, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Vanuatu and Oman.

The agreement for the data exchange with Turkey has been suspended. Already in October, the Swiss Commission for Economic Affairs and Taxation suspended business with Turkey due to the Turkish military intervention in Syria. The Federal Council had strongly condemned this intervention.

Switzerland plans to introduce the AIA with the 18 countries from 2020. A first data exchange is planned for 2021.

In addition, on 13 December 2019, the Swiss Federal Council adopted a new Ordinance to the Financial Market Supervision Act (“FINMASA”). The ordinance specifies the tasks of the Swiss Financial Market Supervisory Authority (“FINMA”) at the international level (Link).

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