Law (2015:912) Concerning The Automatic Exchange Of Information About Financial Accounts

Original Language Title: Lag (2015:912) om automatiskt utbyte av upplysningar om finansiella konton

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2015:912

/Entry into force: 01/01/2016/scope



section 1 of this Act apply to such automatic exchange of information as referred to in Council Directive 2004/107/EC of 9 december 2014 amending directive with regard to mandatory automatic exchange of information in the field of taxation and in the multilateral agreement between the competent authorities of the automatic exchange of information about financial accounts, signed on 29 October 2014.



Provisions for such exchange of information to take place between the competent authorities in Sweden and the United States and referred to in the agreement between the Swedish Government and the Government of the United States to improve international tax compliance and for implementing FATCA Act (2015:63) on the exchange of information on the occasion of FATCA.



Transfer of data



section 2 of the tax agency, to the competent authority of the jurisdiction a reportable by automatic exchange transfer information that the tax agency has received in the form of statement of a resident of the reportable jurisdiction in respect of a reportable account as described in Chapter 2. section 20 of the Act (2015:911) If identification of reportable accounts for automatic exchange of information about financial accounts.

Information to be passed on the information to be provided in accordance with Chapter 22 b. 2-8 sections and chapter 24. 4 § 1 the tax Procedure Act (2011:1244).



The information shall be transmitted at least once a year and include information on what currency each amount specified in.



Cooperation to ensure that the agreement is respected and applied



section 3 of the Revenue Commissioners shall inform a competent authority of another State or jurisdiction if the tax authority has reason to believe that incorrect or incomplete information has been provided by a reporting required financial institution in the other State or jurisdiction, or that such a financial institution has committed a breach of its obligations to provide information.



4 § If another State or jurisdiction competent authority informs the tax agency that the authority has reason to believe that incorrect or incomplete information has been provided by a Swedish reporting required financial institution, or that a financial institution has committed a breach of its obligations to provide information, the tax agency take the measures possible under Swedish law to obtain accurate and complete information or to remedy the violations.



Use of information provided by the Swedish tax agency receives



§ 5 information provided by the Swedish tax agency receives from a competent authority in another State or jurisdiction within the framework of the automatic exchange of information as referred to in Council Directive 2004/107/EC amending Directive



2011/16/EU as regards mandatory automatic exchange of information in the field of taxation, as amended on 9 december 2014 and information referred to in the multilateral agreement between the competent authorities of the automatic exchange of information about financial accounts as amended on 29 October 2014, may be used only for taxation purposes and only in respect of the taxes covered by the Act (1990:313) on the Council of Europe and the OECD Convention on mutual assistance in tax matters. Information may also be used for other purposes if the authority providing the information allows it.



For use and disclosure of information provided by the Swedish tax agency receives from a competent authority in another State or jurisdiction within the framework of the automatic exchange of information as referred to in Council Directive 2004/107/EC amending directive with regard to mandatory automatic exchange of information in the field of taxation, as amended december 9, 2014, apply, in addition to what is stated in the first paragraph even 20-23 § § the Act (2012:843) on administrative cooperation in the European Union in the field of taxation.



Notification in the event of a breach of confidentiality or gaps in the protection of data



section 6 of the tax authority shall immediately inform the Secretariat at the coordinating body referred to in article 24(3) of annex I to the Act (1990:313) on the Council of Europe and the OECD Convention on mutual assistance in tax matters in the event of a breach of confidentiality under the multilateral agreement between the competent authorities of the automatic exchange of information about financial accounts, signed on 29 October 2014 or shortcomings in the protection of data that has been received. The tax agency shall also inform the Secretariat of the coordinating body for possible sanctions and remedial measures as a result.





Transitional provisions



2015:912



1. this law shall enter into force on the 1 January 2016.



2. the provisions of paragraph 2 shall apply for the first time the calendar year 2017 for data relating to the calendar year 2016.