Switzerland Tax Agency Issues Updated Guidance on AEOI Standards in Tax Matters

The Swiss Federal Tax Administration Jan. 15 issued updated a guidance on standards for the automatic exchange of information (AEOI) for financial accounts and the common reporting standard (CRS). Topics covered include: 1) an overview of the AEOI framework, including the incorporation of OECD agreements, CRS commentaries, and refinements to reporting standards; 2) requirements for specified entities to collect tax residency and due diligence information from nonresident clients, and reporting obligations for financial institutions regarding account data and controlling persons; 3) an administrative assistance system supporting cross-border tax cooperation under the Convention on Mutual Administrative Assistance in Tax Matters; 4) ...