StartCriminal tax lawInternational Exchange of InformationAutomatic Exchange of Information (AIA, AIEO)

Automatic Exchange of Information under AIA

An increasing number of financial centres will automatically report detailed information on capital income. LHP Attorneys informs on the future process of implementing the automatic exchange of information based on the new OECD-standard.

AIA is a procedure for the automatic exchange of information on capital income by the participating countries. It is an international standard, which was politically adopted by the G20 member countries, the OECD and other important financial centres at a conference in Berlin in 2014. By now, there are more than 90 countries and other international organisations which intend to adopt the standard. The political aim is to apply the new standard universally in respect of individual taxpayers, legal entities and other entities, such as trusts as account holders. Amid these developments, our clients have asked us, whether a voluntary self-disclosure will still be a viable option in the future. It must be considered, that a voluntary self-disclosure is excluded after an offence has been detected. The prerequisites for a voluntary self-disclosure are best discussed on a case-by-case basis.

Facts and information on the AIA-standard

1. What is the AIA-standard?

2. How does AIA work?

3. Which information is subject to the AIA standard?

4. When does the AIA standard become law?

5. Read more on this topic in our article on AIA/AEOI

Timetable for the AIA in the German-speaking countries:

Automatic reporting by Germany:

  • The cut-off date for accounts to be classified as pre-existing accounts is 31.12.2015.
  • New financial accounts must be identified from 1.1.2016.
  • Existing accounts of high value will be identified and documented by 31.12.2016; other existing accounts by the end of 2017.
  • The initial exchange of information between the financial institutions and the Central Tax Authority (Bundeszentralamt für Steuern, BZSt) will be take place by the end of September 2017.
  • Existing accounts of low value must be reported to the BZSt by the end of September 2018.

Automatic reporting by Austria:

  • Assessment of tax-residency for new clients from 1.1.2016;
  • Initial exchange of information by the end of September 2017.

Automatic reporting by Switzerland:

  • The necessary national regulation will be given effect by Switzerland in 2015.
  • The first agreement under the AIA standard is expected to become effective on 1.1.2017. The initial exchange of information is supposed to take place by September 2018. We would like to refer to the country-specific information for further details.
LHP: Attorneys at Law, Tax Law Specialists, Tax Advisers PartmbB

Cologne

Theodor-Heuss-Ring 14, 50668 Cologne,
Telephone: +49 221 39 09 770

Zurich

Stockerstrasse 34, 8002 Zurich,
Telephone: +41 44 212 3535