The Isle of Man has signed a joint declaration with Switzerland addressing the introduction, on a reciprocal basis, of the automatic exchange of financial account information in tax matters.

The declaration was signed in London last week by His Excellency Mr Dominik Furgler, the Swiss Ambassador to the UK, and Hon. Eddie Teare MHK, the Isle of Man’s Treasury Minister.

Under the declaration, data collection based on the OECD Common Reporting Standard (the global standard for automatic information exchange) will commence in 2017, with the first exchange of information taking place in 2018. Jersey and Guernsey have also signed identical declarations with Switzerland.

Minister Teare said: “In 2013 the Isle of Man was the first country to sign a Tax Information Exchange Agreement with Switzerland and I am pleased to further strengthen our relationship by the signing of this declaration.”

The Minister added that the signing demonstrated the Island’s continuing commitment to meet current international standards in tax transparency and effective exchange of information.

The text of the declaration can be viewed on the FATCA and Common Reporting Standard page of the Isle of Man Treasury Income Tax Division’s website here.