The Swiss Federal Council adopted the dispatch on approving the agreements on the automatic exchange of financial account information (AEOI) with Singapore and Hong Kong. The Federal Council is proposing the introduction of the AEOI with other financial centres to Parliament with the same dispatch.
In October 2017, it was provisionally decided by the Federal Council that the agreements to exchange account information with Singapore and Hong Kong would be applied for the first time in autumn 2019. With the current proposal, the Federal Council is now requesting Parliament’s authorisation to ratify these two agreements. The Federal Council is also proposing to implement the AEOI based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information.
At the same time, the Federal Council is proposing to activate the AEOI with other financial centres on a multilateral basis (MCAA) from 2019. The first sets of data should be exchanged from 2020. The vast majority of the financial centres with which the Federal Council wishes to introduce the AEOI apply the AEOI in a non-reciprocal manner. These countries include Anguilla, Bahrain, Qatar, Kuwait and Nauru which provide data but refrain from data deliveries from their agreement partners. The AEOI is to be introduced on a reciprocal basis with Panama and the Caribbean overseas communities of Netherlands including Bonaire, Saint Eustatius and Saba.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):