Administrative assistance in accordance with FATCA

FATCA group requests

On 20 September 2019 in Bern, Switzerland and the USA exchanged the ratification instruments of the protocol of amendment dated 23 September 2009 concerning the double taxation agreement (DTA) in the area of taxes on income. Therefore, the protocol entered into force on 20 September 2019 and FATCA group requests based on facts from 30 June 2014 can be made. According to the FATCA agreement, the US-American tax administration IRS can request information on all the accounts that were reported to it in aggregated form by the Swiss financial institutions. Upon receipt of a request, the FTA will request the financial institution concerned to provide the FTA with the information described in the FATCA agreement within 10 days. The requirements of the delivery of the information to the FTA can be viewed in the documents below («Technical Specification and User Guide for Financial Institutions according to FATCA IGA 2» [hereafter: «User Guide»] under FATCA Information Delivery, FATCA Credential Form and SEI-XML). The user guide has been updated and addresses new requirements from the IRS concerning the content of the FATCA-XML file (CARRef-Element in accordance with the FATCA XML scheme V2.0, cf. chapter 4.5.3 of the user guide). The general rule is that financial institutions concerned have to take into account the requirements of the IRS for the FATCA-XML that are valid at the time the file is delivered to the FTA. A compilation of all the amendments to the user guide can be found in chapter 1.3.1 «Updates Version 1.2» of the user guide itself.

 

FATCA-Information Delivery (PDF, 1 MB, 27.09.2019)Technical Specification and User Guide for Financial Institutions according to FATCA IGA 2

FATCA Credential Form (PDF, 1 MB, 27.09.2019)Credentials Exchange (v1.2) - Information Delivery

Information letter to the clients concerned

In accordance with the implementation of FATCA reporting Swiss financial institutions are required to disclose information about US accounts to the US-American tax administration IRS. US bank clients receive a letter from their financial institution with which the financial institution seeks consent to disclose their account details to the IRS. An information letter from the FTA is attached to this letter, which provides information about the procedure of a possible request for administrative assistance in accordance with the FATCA agreement.

 


Last modification 27.09.2019

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