Standard-bearers
STEP Journal Vol. 25 issue n° 5 – June 2017
Jean-Luc Bochatay, Fabianne de Vos Burchart
Jean-Luc Bochatay and Fabianne De Vos Burchart warn that there are risks to both under- and over-compliance with the common reporting standard for Swiss institutions.
Switzerland has implemented the Common Reporting Standard (CRS) in its domestic legislation. The CRS calls on participating jurisdictions to obtain information from their fi nancial institutions (FIs) and exchange it with other jurisdictions on an annual basis. The Automatic Exchange of Information Act (AEIA) and the Automatic Exchange of Information Ordinance, which both came into force on 1 January 2017 – as supplemented by the Guidance on the Standard for the Automatic Exchange of Financial Account Information Under the CRS, issued on 17 January 2017 by the Swiss Federal Tax Administration (the Tax Administration) – make up the foundations of CRS implementation in Switzerland.
