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Aei Agreement Switzerland-Eu
The agreement ensures that Switzerland implements enhanced measures in line with the EU directive, as it was revalued in March 2014. It also corresponds to the automatic exchange of information on financial accounts, which is promoted by a 2014 OECD global standard. This agreement is an important step in ongoing efforts to combat tax evasion and evasion. It updates a 2004 agreement that provided that Switzerland applied measures equivalent to those of a European directive on the taxation of savings. There are provisions to limit the ability of tax payers not to be reported to tax authorities by deferring assets or investing in products outside the scope of the agreement. The exchange of information concerns not only income, such as interest and dividends, but also account balances and the proceeds from the sale of financial assets. To date, Switzerland has signed declarations on the basis of the MCAA (Model 2) with Australia, Jersey, Guernsey, the Isle of Man, Iceland, Norway, Japan, Canada and South Korea. The Swiss Parliament has already approved the introduction of the AIA with Australia. Agreements with other countries will be submitted to the Federal Assembly for approval before the end of the year. The EU and Switzerland must now conclude the agreement in a timely manner so that it can enter into force on 1 January 2017. On 27 May 2015, the European Union and Switzerland signed an agreement on the automatic exchange of information on financial accounts, which aims to improve international tax compliance. The first group of countries (the “first users”) will start exchanging data from 2017. Switzerland, which will start in 2018, is part of the second group.
The implementation of the AIA is in principle based on two models: either bilateral national implementation agreements are concluded, or the Multilateral Competent Authority Agreement (MCAA) is applied. It is based on the Convention on Mutual Assistance in Tax Matters, signed by the Council of Europe and the OECD. Since 2005, Switzerland has already transferred more than EUR 3 billion to the Member States, in accordance with the provisions of the agreement on the taxation of savings. In 2017, this agreement was replaced by the agreement on the automatic exchange of tax information concluded in 2015. The latter covers not only interest, but also dividends and other capital income and applies not only to people with bank accounts, but also to those who control foundations and trusts. The OECD`s new global standard will be applied. The IEE agreement is reciprocal, i.e. EU Member States have the same obligations vis-à-vis Switzerland vis-à-vis EU Member States in terms of the exchange of account information. In September 2018, for the first time, Switzerland automatically exchanged account data with EU member states. The 2014 anti-fraud agreement improves cooperation between Switzerland, the EU and their Member States in the fight against smuggling and other indirect tax offences (for example. B customs duties, VAT and excise duties).
It has not yet entered into force, as Ireland has not yet ratified it, but most Member States have been applying it on an interim basis since 2009. In May 2015, Switzerland and the EU signed an agreement for the establishment of the AIA. This applies to all 28 EU Member States and replaces the EU Savings Tax Agreement in force since 2005. This corresponds to Model 1 (see chart). Parliament approved this agreement.