Tax administration exchanges 3.7 million account details
Published: Thursday, Oct 10th 2024, 10:50
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In 2024, the Federal Tax Administration exchanged 3.7 million account details with 108 countries in the automatic exchange of information. Russia was excluded from this. Ecuador, Jamaica, New Caledonia and Sint Maarten were added.
In return, Switzerland received around 3.4 million account details in the automatic exchange of information (AEOI). The Federal Tax Administration (FTA) is unable to provide any information on the volume of assets, as it announced on Thursday. Switzerland exchanged data with 81 countries.
It received information from 27 countries, but did not send any. 14 of them did not meet the international requirements for confidentiality and data security. 13 voluntarily refrained from providing data. The exchange with Russia has been suspended since September 2022 as a result of the attack on Ukraine.
Around 9000 financial institutions are registered with the FTA as data providers. These include banks, trusts, insurance companies and similar entities.
The data exchange includes identification, account and financial information. This includes the name, address, country of residence and tax identification number as well as details of the reporting financial institution, account balance and investment income.
The exchanged information enables the tax authorities to check the accuracy of tax returns for accounts abroad. The legal basis for the implementation of the AEOI came into force in Switzerland on January 1, 2017.
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