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Automatic exchange of information (AEOI)

  • What is the AEOI?

    The automatic exchange of information (“AEOI”) is based on an international standard of the OECD, to which more than 100 nations have expressed their agreement and willingness to participate. The purpose of the AEOI is the exchange of tax information between countries that have agreed to the OECD amongst themselves (referred to as partner states).

  • How does the AEOI work?

    Every financial institution obtains information from its clients about their tax domiciles. For companies, in addition to the tax domicile also the AEOI status is obtained. From clients with a tax domicile in an AEOI partner state, the financial institution reports certain personal and financial data to the Swiss Federal Tax Administration, which then forwards the data to the foreign tax authorities. Switzerland will exchange data with its partner states for the first time in 2018.

  • What clients of BKB are affected by the AEOI requirements?

    The AEOI applies to natural and legal persons (in the case of legal persons, depending on the AEOI status of the company, also the economic beneficiaries).

    Clients with a tax domicile in a country with which Switzerland has signed the AEOI will be reported. Customers with a tax domicile solely in Switzerland will not be reported within the scope of the AEOI.

    For tax-related questions regarding the AEOI, especially how and to what extent your client relationship with Basler Kantonalbank is specifically affected, we recommend you consult your tax advisor. Your Client Advisor will gladly assist you with any other questions.

  • Participating states

    Switzerland has concluded agreements relating to the AEOI with various countries, including all EU member states, which enter into force on January 1, 2017. With these countries, Switzerland will exchange the required information in 2018 for the year 2017. Agreements with other countries are expected to be concluded in the next few years. The current list of all Swiss partner states can be found on the Internet page of the State Secretariat for International Financial Matters (SIF).

  • BKB role

    Basler Kantonalbank is a reporting Swiss financial institution and will therefore for the first time as of June 2018 report information for the tax year 2017 to the Swiss Federal Tax Administration, which will forward the data to Switzerland’s partner states. A report will be made fundamentally if the account holder/contracting partner (or economic beneficiary, if different) are persons subject to reporting; i.e., persons who are fully liable to taxation in one or more of Switzerland’s partner states. In the case of companies, in certain cases information can also be reported on controlling persons who are fully liable to taxation in one or more of Switzerland’s partner states.

    The information to be exchanged contains basically the following data on the account holder/contracting partner (and in certain cases the economic beneficiaries and controlling persons, if different):

    • Name, address, tax identification number, date of birth
    • Account number
    • Aggregate balance
    • Total gross earnings from interest, dividends, and other income, as well as total gross proceeds from the sale or repurchase of assets.

    In addition, the name and where applicable the identification number of Basler Kantonalbank will be reported.

    A partner state is permitted to use the transmitted information only for purposes as set forth in the information sharing provisions of the respective agreement between Switzerland and the partner state. The confidentiality obligations in the respective agreement are also applicable.

The Swiss Bankers‘ Association provides information about the AEOI on its website:

http://www.swissbanking.org/aeoi

Further information on the AEOI can be found on the OECD website (www.oecd.org, search term: AEOI).

For tax-related questions regarding the AEOI, especially how and to what extent your client relationship with Basler Kantonalbank is specifically affected or what your AEOI status is in the case of an account relationship for a legal entity, we recommend you consult your tax advisor. Your Client Advisor will gladly assist you with any other questions.