Automatic Exchange Of Information (AEOI): Status Of Implementation In Switzerland

Earlier this month, the Swiss Federal Tax Administration (SFTA) published the much anticipated draft version for the Guideline: Standard for the Automatic Exchange Of Information with regard to financial accounts - Common Reporting Standard ("Draft AEOI-Guideline"). The Draft AEOI-Guideline specifies the duties arising from the automatic exchange of information ("AEOI") for Financial Institutions (banks, insurance companies, certain collective investment schemes etc.), the SFTA and further involved players. Furthermore, the Draft AEOI-Guideline comments on the legal basis for the AEOI for Switzerland and provides useful clarifications in this context. It is currently only available in the form of a non-binding draft in German language. Translations in French and Italian are expected for early 2017, as the AEOI will take effect on 1 January 2017.