The Free Flow Of Data

Switzerland is on its way towards the Automatic Exchange of Information (AEOI). The AEOI will lead to the transmission of sets of data from a reporting financial institution (e.g. a bank) to the domestic tax authority. The domestic tax authority will have to exchange such data with the respective foreign tax authorities of participating countries, with which respective agreements have been made. The procedure itself is in accordance with the OECD Common Reporting Standard (CRS).

Switzerland is a major financial service centre and is therefore particularly affected by the challenges the AEOI creates. At present, the Swiss legislator is in the approval process of several agreements and collateral/accompanying legal acts in connection with the AEOI and the CRS.