Moving ahead on automatic sharing of details on suspected black money, Switzerland initiated its statutory consultation process for bringing into force Automatic Exchange of Information (AEOI) on tax matters with India and some other countries from January 1, 2018.
The process will continue till March 15, 2017, Swiss Federal Department of Finance (FDF) said in a statement.
“The AEOI with these countries should enter into force on January 1, 2018 so that data can start to be exchanged in 2019,” it added.
The launch of consultation process follows signing of a Joint Declaration between India and Switzerland on November 22 for implementation of AEOI, which provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.
Switzerland today also launched consultations on introducing AEOI with Andorra, Argentina, Barbados, Bermuda, Brazil, British Virgin Islands, Cayman Islands, Chile, Faroe Islands, Greenland, Israel, Mauritius, Mexico, Monaco, New Zealand, San Marino, Seychelles, South Africa, Turks and Caicos Islands and Uruguay.
