Switzerland and the US signed an agreement for the mutual exchange of banking data
The governments of Switzerland and the United States agreed to mutual exchange of bank account data starting in 2027 in compliance with the Foreign Account Tax Compliance Act
In order to comply with the provisions of the Foreign Account Tax Compliance Law, the governments of Switzerland and the United States agreed on June 27 to exchange bank account data starting in 2027.
The agreement was announced by the Swiss Ministry of Finance, although it clarified that the country already offered this data to the United States. Now the exchange will be reciprocal.
It is important to remember that “this measure was approved by the Administration of then-US President Barack Obama in 2013.”
According to this law, the procedure will follow the following dynamic: “Swiss financial institutions will provide the required information to the Federal Tax Administration of the Central European country, which will transmit it to the US tax authorities.”
M.Pino
Source: bancaynegocios
(Reference image source: Unsplash+, in collaboration with Getty Images)
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