Signing of the Joint Statement between the Government of Japan and the Swiss Federal Council concerning the Automatic Exchange of Financial Account Information
January 29, 2016
1. On Thursday, January 28, Ambassador of Japan to the Swiss Confederation Ryuhei Maeda and Dr. Jacques de Watteville, State Secretary, the Head of the State Secretariat for International Financial Matters, signed the Joint Statement (English (PDF) / Japanese (PDF)) concerning the automatic exchange of financial account information in Bern, Swiss Confederation.
2. This Joint Statement confirms the common understanding between Japan and the Swiss Confederation regarding the introduction of the automatic exchange of financial account information beginning in the year 2017 as part of international efforts to tackle cross-border tax evasion and avoidance. The first transmission of data will be done in 2018 in accordance with the Convention on Mutual Administrative Assistance in Tax Matters and Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information authorized by the said Convention.
3. This joint statement is expected to contribute to deepening the cooperation in the tax area between Japan and the Swiss Confederation.
At the G20 summit meeting in Brisbane, Australia in November 2014, the global Common Reporting Standard for the automatic exchange of tax information (AEOI), established by the OECD, was endorsed, and countries are called on to begin to exchange information automatically by 2017 or end-2018, subject to completing necessary legislative procedures, which the Government of Japan has already completed by FY 2015 Japan Tax Reform.
(Reference 2) Convention on Mutual Administrative Assistance in Tax Matters
(1) This Convention is a multilateral treaty for the implementation of various administrative assistances in tax matters including the exchange of information among the tax authorities.
(2) This Convention was signed by the Government of Japan in November 2011, ratified by the Japanese Diet in June 2013 and enacted in October 2013.
(3)The automatic exchange of financial account information between the Government of Japan and the Swiss Confederation will be based on this Convention, and its concrete procedures will be in accordance with what will be agreed by tax authorities.