The Federal Tax Administration (FTA) has released this year’s numbers in relation to the Automatic Exchange of Information (AEOI).
Around 9000 Swiss financial institutions like banks, trusts or insurance companies collect and report data on financial accounts to the FTA on an annual basis. This information is exchanged with partner jurisdictions within the CRS (Common Reporting Standard) network.
In 2023, the FTA has transmitted information on 3.6 million financial accounts to 104 CRS partner states. From 25 out of the 104 jurisdictions, Switzerland received but did not provide any data in return because they did not (yet) meet the international requirements on confidentiality and data security or because they do not want to receive any data under the AEOI (e.g., because they do not levy any taxes). Furthermore, just like last year, no data was sent to Russia due to the ongoing sanctions.
Since last year, Kazakhstan, the Maldives and Oman were added to the list of CRS partner states that can be found on the website of the Swiss State Secretariat for International Finance.
The chart below illustrates how the number of countries with which the FTA exchanges information has increased over the years since the AEOI was activated Switzerland.
Switzerland received information on around 2.9 million financial accounts from its partner states. This information allows the cantonal tax authorities to verify whether taxpayers have correctly declared their financial accounts held abroad in their tax returns in Switzerland.
If you have any questions or need CRS advice or reporting services, please do not hesitate to reach out to our CRS experts. The services we provide include advice on matters such as classification, due diligence and reporting, as well as reporting services – helping you to stay on top of your obligations.