Which countries have automatic exchange of information?

As of July 2015, 53 jurisdictions had signed the agreement to automatically exchange information; As of July 2016 83 jurisdictions had signed the agreement. All European Union (EU) countries, China, India, Hong Kong, Russia and 109 countries altogether have agreed to become signatories.

How does Automatic exchange of information work?

Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries to help stop tax avoidance and evasion. We will share this information with the relevant countries.

What information is exchanged under AEOI?

What is AEOI? AEOI is an international standard that governs how tax authorities in the participating countries exchange data relating to taxpayers’ cash and custody accounts. The goal is to ensure tax transparency between countries.

Is Switzerland part of the CRS?

1.1 Switzerland is the honeypot of all OECD countries The OECD has defined the OECD Common Reporting Standard (CRS) as a global standard for the Automatic Exchange of Information countries. An Automatic Exchange of Information AEOI has become a reality since 1 January 2017.

When does automatic exchange of information take place?

Domestic banking secrecy still applies. The Swiss do not want to abolish it domestically. These data are to be exchanged for the first time with 38 states in September 2018. An Automatic Exchange of Information 2018 (AEOI reporting) cannot be undone. He can be delayed at most.

Which is the best country for automatic exchange of information?

An Automatic Exchange of Information (AEOI) should prevent cross-border tax evasion. However, the one who will exchange the most information is Switzerland. Switzerland is developing the world’s best IT systems for banks.

When do Swiss banks start exchanging account information?

As of 1 January 2018, Swiss banks will be collecting account information for a further 41 countries, including AEOI Hong Kong and Singapore. These will be exchanged for the first time in September 2019.

When did OECD automatic exchange of information and CRS happen?

Since January 1, 2017, Swiss banks have been systematically collecting bank data from customers who are tax resident in the 38 contracting states (OECD AEOI CRS countries). Domestic banking secrecy still applies. The Swiss do not want to abolish it domestically. These data are to be exchanged for the first time with 38 states in September 2018.