Switzerland: Guidance on implementing FATCA agreement with United States
Switzerland: Guidance on implementing FATCA agreement
The Swiss federal tax administration issued a notification regarding implementation of the FATCA agreement between Switzerland and the United States and pursuant to a request of the U.S. tax authority (the IRS) with respect to 29 Swiss financial institutions.
The notification requires:
- Information requested about accounts that were identified as U.S. accounts, or accounts of nonparticipating financial institutions, to which foreign reportable amounts had been paid and which the financial institutions reported on an aggregate (pool) basis to the IRS for the year 2014
- Specified U.S. persons and nonparticipating financial institutions to submit the planned exchange of information with the IRS within 20 days after the publication of the notification
- The Swiss tax administration to issue a final decree for each account relationship
- The Swiss tax administration to issue a final decree that anonymously reports if an entitled person has not provided the tax administration with a Swiss address or the identify of an authorized person in Switzerland to receive service
Read a March 2021 report [PDF 72 KB] prepared by the KPMG member firm in Switzerland
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