The Swiss federal tax administration announced the approval of an amended ordinance on international automatic exchange of information (AEOI) in tax matters.
Second, Switzerland will implement by the end of 2020 other recommended measures from the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Third, amended legislation on the international AEOI in tax matters was approved by Parliament, and this includes measures for repeal of the exemption clause for condominium associations; adjusted due diligence requirements; document retention requirements for reporting Swiss financial institutions; and rules for amounts to be stated in US dollars. The expectation is for the changes to be effective from 1 January 2021.
Read a November 2020 report [PDF 71 KB] prepared by the KPMG member firm in Switzerland
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.