Switzerland has implemented the first international information exchange

Switzerland reported that the Federal Tax Administration (FTA) has implemented the first exchange of financial information about accounts to EU countries, Canada, Ireland, Japan, Norway and South Korea. FTA sent information to partner countries with respect to 2 million accounts.

The information to be exchanged included name, registered address, citizenship, tax identification number of the account holder and also the information about the financial institution which sent the report, account balance and capital gains. Currently the Swiss Federal Tax Administration is receiving information from 7 000 financial institutions.

Data transmission to France and Australia has been postponed. The Council reported that these countries haven’t still provided FTA data due to technical reasons.

Exchange of information with Cyprus and Romania didn’t take place because these countries don’t comply with the international demands concerning confidentiality and data protection.

On materials of the following website: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-72420.html