SWITZERLAND: DUTCH GROUP REQUESTS FOR ASSISTANCE, AEOI
A recent Dutch group request for administrative assistance shows that even before the “automatic exchange of information” (AEoI) measure is effective in Switzerland in 2017, those with undeclared assets need to consider making a disclosure.
The Swiss federal tax administration recently approved a Dutch group request for administrative assistance, and it is expected that the Netherlands will soon target other Swiss banks’ clients as well and that other countries will follow this approach.
While the AEoI in certain “early adopter countries” will be effective 1 January 2016, other countries—including Switzerland—have confirmed to implement the AEoI as from 2017. However, foreign tax authorities currently may obtain client data of (former) clients of Swiss and other foreign banks, insurance companies or fiduciary firms.
Read a November 2015 blog posting of the KPMG member firm in Switzerland: Non-tax compliant clients can be caught by group requests