Switzerland signs joint declaration on introduction of AEOI with Brazil


18/11/2016

Federal Department of Finance

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On 18 November 2016, Switzerland and Brazil signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis. Like in the declaration with Argentina, both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from 2019 onwards. State Secretary Jörg Gasser from the State Secretariat for international Finance Matters (SIF) met with representatives of the Brazilian authorities in Brasília. Here issues to do with market access for financial service providers were also discussed.

The signing of the joint declaration with Brazil confirms Switzerland's international commitment to implementing the AEOI standard. Switzerland is thus strengthening its network of AEOI partner states. Brazil meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI.

From a legal viewpoint, the automatic exchange of information with Brazil will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD.

The Federal Council has authorised the Federal Department of Finance (FDF) to conduct a consultation for the introduction of the AEOI with Brazil and other countries. It will be initiated soon. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.

State Secretary Jörg Gasser from the State Secretariat for international Finance Matters (SIF) ended his working visit to South America with a visit to Brazil. Switzerland's financial market policy, market access for financial service providers, the positions of partners in international financial bodies and the possibility of structural reforms were the main topics during the visit.