Switzerland to expand AEOI network

The Swiss Government will exchange financial account information with 33 other countries' tax authorities for the first time in September.

The exchanges are intended to support international efforts to tackle tax evasion and other fiscal crime.

The announcement comes after approval from the Swiss Economic Affairs and Taxation committees of the Swiss parliament. During an earlier review process, they had sought to ensure that the necessary safeguards and processes are in place in these territories to ensure the confidentiality of information exchanged.

The Government said, although various questions were raised during their reviews that concluded in July 2019, both committees refrained from recommending to the Federal Council that no data be made available to certain partner states.

In September 2018, Switzerland automatically exchanged financial account information for the first time, with 36 states.

Source: https://www.tax-news.com/news/Switzerland_To_Expand_AEOI_Network____97273.html