According to the Common Reporting Standard (CRS) to the Russian Federation, the Swiss Federal Council has decided to suspend data transmission under the Automatic Exchange of Information (AEoI). On 16 September 2022, the Swiss Federal Council decided to suspend the transmission of data under the Automatic Exchange of Information (AEoI). This includes all other tax-related information exchange including Country-by-Country (CbC) reporting, Exchange of Information on Request (EoIR) and the spontaneous exchange of information.
The Swiss Federal Tax Administration will not provide the Russian Authorities with data after the exchange deadline 30 September 2022. For the CRS AEoI specifically, this means that where a Swiss Reporting Financial Institution (FI) has for the reporting period 2021 submitted information to the FTA on its Russian resident account holders and/or controlling persons.
It is imperative to note that all obligations of a Swiss Reporting FI will remain otherwise unaffected by the suspension. Swiss Reporting FIs must still, just as before, collect and on an annual basis submit the relevant financial account data of Russian tax residents to the FTA.
If you have any questions, please reach out to your regular A.C.T contact or send an email to info@act.london