Switzerland, Argentina sign key white-wash deal
Source: Buenos Aires Herald
By: Herald Staff
Switzerland and Argentina on Wednesday signed a joint declaration introducing the automatic exchange of information in tax matters (AEOI) on a reciprocal basis.
The agreement will likely have an impact on the so-called white-was programme of President Mauricio Macri’s administration, which aims to collect taxes on offshore accounts, as at least 80 local companies hold bank accounts in Switzerland — which is the country’s sixth largest investor.
UBS Ag and Credit Suisse, the largest private banks in the country, under pressure from the Swiss government, have already informed account holders that they will need to declare the money in their accounts. If they do not comply, the Swiss banks have warned their clients that they will be fined and have to withdraw their assets, or they will report the account information to Argentina government authorities.
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