Switzerland Seeks Feedback on Law for 'Automatic Exchange of Crypto Tax Information'
CryptoNewsTerminal Staff14 Aug, 2024
Switzerland Seeks Feedback on Law for 'Automatic Exchange of Crypto Tax Information'
Switzerland is exploring the inclusion of cryptocurrency within the scope of the Automatic Exchange of Information (AEOI), a system facilitating the automatic sharing of details on financial accounts held in tax havens with the tax authorities of other countries to prevent tax evasion. On 14th September, the Swiss Federal Council initiated a public consultation to formulate legislation for sharing cryptocurrency tax information with 111 countries. Under Switzerland's AEOI agreements with these countries, cryptocurrency tax information will be exchanged from 2026 onwards with countries that adhere to the Crypto-Asset Reporting Framework (CARF). The public consultation period ends on 15th November. Earlier, in May, the Swiss Federal Council issued a consultation report advocating the implementation of CARF, a global tax standard designed to combat tax evasion in cryptocurrency.
