SWITZERLAND: ECHANGED DATA ABOUT TWO MILLION OF ACCOUNTS

At the end of September, the Swiss Federal Tax Administration (AFC) fulfilled the first automatic exchange of informations on financial accounts owned by about two million customers with partner countries (including the European Union). This in order to obtain the same service.

Currently, about 7.000 financial institutions compelled to communicate (banks, trusts, etc.) are registered among the Swiss tax Authority.

It is estimated that the data provided by Switzerland to the other jurisdictions will concern 2 million of accounts.

The AFC is not authorized to provide specific informations with regard to financial activity, but on identification, account and financial informations (name, address, country of residence, etc.).

These data will allow to verify the fiscal fulfillments realized by taxplayer in their country.

Therefore, the non compliant taxplayer have to regolarize their foreign fiscal position in order to not incur in penalties or criminal punishment.

Our staff is at your disposal for any clarification.