Switzerland Tax Information Exchange Agreement

Gepostet von am Apr 13, 2021 in Allgemein | Keine Kommentare

The necessary information is collected in the two models of financial institutions of the signatory countries and transmitted to their tax authorities, which they then communicate to the tax authorities of the other contracting state. Model 1 is consistent with the standard contractual model whereby two countries enter into an automatic AIA information exchange agreement. However, Model 2 is an additional agreement that allows all States Parties to apply the AIA consistently in all States Parties. The basic idea of the MCAA is a multilateral application of the AIA, with the possibility of spontaneous exchange allowing for faster and more efficient introduction. Its main advantage for states is to prevent the renegotiation of all signed agreements whenever the interpretation of a particular standard has changed. 9: These states and territories do not yet meet the requirements for the activation of the AIA. As a result, the rights and obligations arising from the agreements are not effective. In particular, reporting financial institutions are not required to collect information about financial accounts and pass it on to the relevant authority. Switzerland will only inform these countries and territories as AIA partners when they meet the requirements of the international AIA standard and explain their interest in the introduction of the AIA with Switzerland. The AIA is always activated on January 1 of each year. If the vote in Parliament, and possibly the referendum, results in a positive result, Swiss banks could start collecting data on their expatriate customers, with the first effective exchange of information planned for 2018. The group`s first request for assistance to Switzerland under the Tax Aid Act (TAAA) was submitted by the Netherlands in July 2015. As part of this application, information was obtained concerning all persons residing in the Netherlands who, between 1 February 2013 and 31 December 2014, held an account with a particular Swiss bank and had not provided the bank with proof that they had requested to comply with the tax rules.