Switzerland now exchanges financial account information with 104 countries. Running shoe company On wants to double its turnover within three years

In the current year, Switzerland has exchanged or received information on millions of financial accounts with 104 countries from abroad. However, the Federal Tax Authorities (FTA) cannot provide information on the total assets affected.

Kazakhstan, the Maldives and Oman are new to the list of countries with which Switzerland cooperates in the context of the Automatic Exchange of Information (AEI), the FTA announced on Monday.

There was no exchange with Russia. Due to the attack on Ukraine in February 2022, the exchange was suspended in September 2022.

Switzerland exchanged information with 78 countries. Although it obtained information from 25 others, it did not provide it as the FTA announced. Either these countries did not meet confidentiality and data security requirements, or they were unwilling to voluntarily accept the information.

There are currently approximately 9,000 reporting financial institutions registered with the FTA. For example, banks, trusts and insurance companies collected data and sent it to Bern. Switzerland sent information on approximately 3.6 million financial accounts abroad and received information on 2.9 million accounts from partner countries.

The legal basis for the implementation of the AEOI came into force in Switzerland on January 1, 2017. The information exchange allows cantonal tax authorities to check whether taxpayers have correctly declared their financial accounts abroad. (saw/sda)