Switzerland and the USA to exchange financial data in future
Published: Thursday, Jun 27th 2024, 14:40
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Switzerland and the USA are expected to exchange financial data with each other from 2027. On Thursday, both sides signed a new Fatca agreement to this effect in Bern. At present, only Switzerland supplies data to the USA.
The Foreign Account Tax Compliance Act (Fatca) is a US regulation that has applied to all countries worldwide since the beginning of 2014. It requires foreign financial institutions to disclose information about US accounts to the US tax authorities or to levy a tax.
Today, Switzerland provides information on financial accounts to the USA, but does not receive any data from the other side of the Atlantic. With the automatic exchange of information from 2027, Switzerland will continue to provide data, but will now also receive data from the USA.
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