Barely in force should be revised the law on the automatic exchange of information (AEOI). It does not correspond to the international requirements, as stated by the competent state Secretariat for international financial matters (SIF). Switzerland, risking an international rebuke of the OECD Committee Global Forum. In the worst case, Switzerland would slip again on the gray or black list of the group G-20, the powerful industrial and developing countries.
at the same time a new report of the same Global forum shows that The only country that does not participate in the AIA Standard is still the USA. The report says: “All jurisdictions asked to commit to the Global Forum’s AEOI Standard, have now done so, except the United States.”
how Much taxes being evaded, and white, the tax administration does not
For Switzerland, this means: All Swiss Taxpayers with U.S. accounts, whether corporate or Private, stay for the local tax authorities hidden. The Swiss Federal tax administration (sfta) confirms that “Taxable in Switzerland, with accounts in the United States are not reported to the Swiss tax authorities”. In which amount, the Swiss tax authorities of taxpayers ‘ money to escape, could not say the FTA.
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at the same time the office receives the account data from the 28 EU States, as well as other 9 States and territories (Australia, Guernsey, Isle of Man, Iceland, Japan, Jersey, Norway, South Korea). The data relate to the tax year 2017. It is information “of around 2 million financial accounts”. This can not be by legal and natural persons to break down, the office. Five people work full-time to the data to send to the cantons. Next year, the data from even more countries will be exchanged.
SIF has in the United States is nothing
Whether the office assessed this Situation as a constitutional moderate, that Swiss Taxpayers with U.S. accounts to the Monitoring, not to be missed, says it. “The FTA is the laws, the decrees of the Parliament.” In the Rest of the references to the SIF, which belongs to the same Department of Finance under the leadership of Federal councillor Ueli Maurer.
juicy is the fact, because the Federal Council has already decided 5 years ago, so still in the Era of Finance Minister Eveline Widmer-Schlumpf, that he demands from the USA against the law for the automatic exchange – the so-called Fatca-model 1. Switzerland provides by means of the Fatca agreement, all Swiss Bank data from US tax obligations in the United States, only one-sided. This model Fatca model 2 means.
Where do we encounter it? The SIF said it had since then, since October 2014, “several rounds of negotiations between Switzerland and the United States” to agree to a change to a reciprocal agreement of type a model 1. But these negotiations could not be completed “yet”. Still, the fact that the US Senate is still resisting ratification of an Amendment to the double tax Treaty of 2009 between Switzerland and the USA block.
Switzerland could be the USA in the pillory
But this Argument is likely to be a pretext, because the US treats different countries depending on their interests, location not equal to Some countries, this Bank does not provide data on their foreign accounts, and other. But nowhere is the global standard of the OECD to the AIA. “It is true that this exchange is less comprehensive than required by the requirements of the international Standards,” says SIF.
Switzerland has had it with their voice in the Global Forum in the Hand, the USA in the pillory. It is a vote against is enough to a high-flown Spanish countries exam, to block about the USA. Has interfered with the Department of Finance? The SIF does not say, as far as you should be. “Switzerland has therefore had no opportunity to take the United States position”. The Peer Reviews on the implementation of the AIA will only have to start in 2020, “wherein the modalities of the evaluations are yet to be determined”, the Secretariat of state.
But the fact is that the Global Forum has already made a preliminary inspection for compliance with the AIA Standards. Therefore, Switzerland has to adapt now in a rush, and after two years, the AIA act already.