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Home»EXCHANGE NEWS»Switzerland cracks down on cryptocurrency tax evasion with planned expansion of AEOI
EXCHANGE NEWS

Switzerland cracks down on cryptocurrency tax evasion with planned expansion of AEOI

By Crypto FlexsMay 16, 20243 Mins Read
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Switzerland cracks down on cryptocurrency tax evasion with planned expansion of AEOI
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The Swiss Federal Council’s proposal to include cryptocurrency assets in the Automatic Information Exchange (AEOI) system demonstrates the country’s commitment to cryptocurrency tax compliance and transparency.

The Swiss government is preparing a tax policy for cryptocurrencies. On May 15, 2024, the Federal Council declared that it would conduct a consultation process for the Automatic Exchange of Information (AEOI) on cryptocurrency assets. This decision will allow Switzerland to cooperate more internationally with other countries in efforts to tackle digital tax evasion.

AEOI previously focused on financial accounts. In modern times, there are more and more ways to evade taxes. This issue is being addressed through the development of the Organization for Economic Co-operation and Development (OECD)’s Crypto Asset Reporting Framework (CARF).

The consultation draft proposes that CARF should be implemented using the revised Common Reporting Standard (CRS). Switzerland has pledged to adhere to a high level of tax transparency and compatibility with OECD international standards.

Switzerland’s Commitment to Cryptocurrency Taxes

The implementation of CARF in Switzerland demonstrates its commitment to taxing cryptocurrencies. If this process is adopted, Switzerland is expected to have more accurate tax data, which could have revenue implications for the government. Currently, Switzerland is considered a wealthy island compared to traditional investments.

While the proposed expansion will strengthen tax compliance, some industry leaders have expressed concerns about its impact on Swiss competitiveness. In a recent statement, Thomas Schinecker, CEO of pharmaceutical giant Roche Holding AG, warned against adopting European tax policies as is.

“Switzerland has taken a step back by adopting the lowest OECD tax,” Thomas said in Basel on Monday. When asked about the country’s ability to do business, he pointed out that Germany and France are countries that impose high taxes and emphasized that they must compete with China, Dubai and India.

the way forward

The federal council’s proposals are currently open for public consultation until 6 September 2024. This period will allow stakeholders, including industry representatives, tax experts, and the public, to voice their opinions and potentially influence the final design of the AEOI expansion.

Subject to congressional approval and successful implementation, the new AEOI rules are expected to take effect on January 1, 2026. This timeline provides sufficient time for relevant parties, including crypto asset service providers, to adjust their systems and processes to comply with the new regulations. Reporting Requirements.

The integration of cryptocurrency assets into the AEOI system represents a significant development for the Swiss financial landscape. It remains to be seen how this move will be received by the wider cryptocurrency community and whether it will find the right balance between promoting innovation and ensuring fair taxation.

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