OECD member states agreed to the automatic exchange of tax information (AEoI) in 2014. The rule affects individuals with accounts outside their country of tax residence and has been designed to reduce tax evasion. National tax authorities around the world must exchange individuals’ tax information in a standardized way, known as the Common Reporting Standard (CRS). As of January 2017, all financial institutions in Switzerland must begin collecting client data ready to report to the Swiss national tax authority starting from June 2018 onwards. The financial industry is heavily engaged with preparing to fulfill the complex requirements of this regulation. Today, SIX launches a new CRS/AEoI service, which will help financial institutions manage the huge challenge of reporting clients’ information correctly by providing the right data so banks can easily aggregate it at years’ end and standardize their reporting obligations.
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