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AEOI Standard

International Automatic Exchange of Information in Tax Matters (hereinafter: “AEOI”)

Société Générale Private Banking (Switzerland) limited company is a reporting Swiss financial institution (hereinafter: “reporting FI”) in accordance with the Swiss Federal Act on the International Automatic Exchange of Information in Tax Matters (hereinafter: “Swiss AEOI Act”).

 

What is AEOI?

AEOI requires reporting FI to identify reportable accounts and report them to the Federal Tax Administration (hereinafter: “FTA”). Reportable accounts are accounts held by individuals as well as accounts held by entities. If an account is held in a fiduciary capacity by a natural person or an entity that is not a financial institution on behalf of or for the account of a third party, that third party or the beneficial owner is deemed to be the account holder for the purposes of AEOI. In case of accounts held by entities, the requirement to identify and report may concern under certain circumstances also the controlling person(s). Detailed information, in particular on the terms “account holder” and/or “controlling person”, is available in the OECD Common Reporting Standard and the implementing legal provisions:

www.oecd.org/ctp/exchange-of-tax-information/automatic-exchange-of-financial-account-information.htm

Only accounts where the holder or controlling person is a reportable person are reportable accounts. A reportable person is an individual or an entity resident for tax purposes in a country with which Switzerland has agreed AEOI (hereinafter: “partner jurisdictions”).

Reporting FI is required to report information on reportable accounts held by reportable persons annually to the FTA. After receiving the information, the FTA exchanges it with the reportable person’s country of residence. Information is only exchanged with partner jurisdictions. The list of partner jurisdictions is kept up to date at all times and can be found on the web site of the State Secretariat for International Finance (hereinafter: “SIF”):

www.sif.admin.ch/sif/en/home/themen/internationale-steuerpolitik/automatischer-informationsaustausch.html


What information will be exchanged?

The reportable information to be exchanged includes the following personal data and information concerning the reportable account:  

  • name, address, country of residence for tax purposes, Taxpayer identification number (hereinafter: “TIN”), date of birth;
  • account number;
  • name and identification number of the reporting FI;
  • aggregate balance of the account(s) at the end of the concerned calendar year ;
  • total gross amount of dividends, interests and other income, and the total gross proceeds from sale or redemption of financial assets recorded on every financial account.

Additional Information on the AEOI is available on the web site of the SIF:

www.sif.admin.ch/sif/en/home/themen/informationsaustausch/automatischer-informationsaustausch.html

Also, brief presentations related to the AEOI and to the TIN are available (only in German, French or Italian) on the web site of the FTA:

www.estv.admin.ch/estv/fr/home/internationales-steuerrecht/fachinformationen/aia/publikationen/andere-dokumente.html

 

What rights does the reportable person have?

A reportable person has the following rights under the AOEI Act and the Federal Act on Data Protection (hereinafter: “FADP”):


Vis-à-vis the reporting FI:

A reportable person is entitled to the full extent of legal protection offered by the FADP vis-à-vis the reporting FI. In particular, he has the right to request what information has been collected about him and will be reported to the FTA.

The reporting FI must provide the reportable person with a copy of its report to the FTS on request. In this regard, it must be noted that the information about the reportable person that is collected and reported may differ from your tax-relevant information.

Moreover, the reportable person is also entitled to request that incorrect data in the reporting FI’s systems be corrected.


Vis-à-vis the FTA:

A reportable person has the right vis-à-vis the FTA to access information and is entitled to request that incorrect data resulting from errors in the exchange process be corrected.

If the exchange of information would result in disadvantages for the reportable person that are not permissible due to a lack of constitutional guarantees, his rights are set out in Article 25a of the Federal Act on Administrative Procedure.

The reportable person has no right to access FTA records. This means that he does not have the right to block the disclosure of personal details vis-à-vis the FTA. In addition, he is not entitled to have the legality of forwarding information outside Switzerland reviews or to block any illegal forwarding and/or to demand the destruction of data processed without a sufficient legal basis.

 

FAQs

A list of the frequently asked questions and answers concerning the AEOI is available on the OECD web site:

www.oecd.org/ctp/exchange-of-tax-information/CRS-related-FAQs.pdf