Tax crackdown: Swiss exchange info on around 2 million accounts
31 Oct 2018

Switzerland’s Federal Tax Administration (FTA) exchanged the details of 2 million financial accounts in its first year of participating in the global standard on the automatic exchange of information (AEOI).

The FTA said it sent information on around 2 million financial accounts to the partner states and received information in the millions from them.

“Transmission of data by Switzerland took place at the end of September 2018. Cyprus and Romania are currently excluded as they do not yet meet the international requirements on confidentiality and data security,” the FTA said.

“Transmission of data to Australia and France is delayed, as these states could not yet deliver data to the FTA due to technical reasons. Similarly, the FTA has not yet received data from Croatia, Estonia and Poland. The other partner states have transmitted data to the FTA.”

The exchanged information allows the cantonal tax authorities to verify whether taxpayers have correctly declared their financial accounts abroad in their tax returns.

Currently, around 7,000 reporting financial institutions (banks, trusts, insurers, etc.) are registered with the FTA. These institutions collected the data and transferred it to the FTA.

Identification, account and financial information is exchanged, including name, address, state of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.

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