Switzerland Cabinet Approves Draft Ordinance on AEOI-CRS, CARF

The Swiss Federal Council Nov. 26 approved a draft ordinance to amend the automatic exchange of information in tax matters, based on the OECD’s updated common reporting standard (CRS) for financial accounts and the Crypto-Asset Reporting Framework (CARF). The draft ordinance includes measures to: 1) designate the authoritative OECD commentaries for CRS and CARF; 2) clarify reporting, due diligence, and registration obligations for providers of crypto-services; 3) repeal exemptions for associations, foundations, e-money, and capital deposit accounts; and 4) introduce transitional provisions, including a three-year exemption from reporting and due diligence for Swiss crypto-service providers in certain cases; and 5) ...