Banks as Intermediaries
The efforts of countries to make more efficient use of their tax base affects both individuals and companies. The bilateral relationship between the taxpayer and the state is also being increasingly extended, with banks taking on an intermediary role. For the Swiss financial center, which is a global leader in asset management, the tax compliance of cross-border private assets is a central issue.
A core element of the increase in tax transparency for individuals at the international level is the automatic information exchange on tax matters. More than 90 countries have committed to implementing the global AEI standard.
The AEI standard consists of four elements that are contained in the OECD document “Standard for Automatic Exchange of Financial Account Information”:
- Intergovernmental agreement or international treaty
- Common Reporting Standard
- Commentary on interpretation
- Technical implementation guidelines
Despite the fast pace at which it is being drafted, it is important to take several points into account. In addition to the time aspect, the technical details of the implementation are also very important.