July 2, 2022
The Swiss Federal Council accepted the dispatch regarding the implementation of the automatic exchange of information on financial accounts (AEOI) with 12 other partner countries at its meeting on May 18, 2022.
For the first time in 2024, the Federal Council plans to share financial account information with the following additional partner nations: Ecuador, Georgia, Jamaica, Jordan, Kenya, Morocco, Moldova, Montenegro, New Caledonia, Thailand, Uganda, and Ukraine. First data exchange is anticipated in 2024, with entry into effect scheduled for 2023.
By include these 12 states, Switzerland will automatically share tax data with the 120 nations and territories that have signed up to the AEOI standard. The Swiss Government stated that by expanding the AEOI network in tandem, it is assisting in leveling the playing field internationally and ensuring that illicit financial flows may be stopped in their tracks.
Source: Tax News
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