Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 281

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 281
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, which is the primary
legal basis for the implementation of the AEOI standard in Switzerland, entered into force on January 1, 2017 as well.

Based on such multilateral
agreements and bilateral agreements and the implementing laws of Switzerland, Switzerland collects data in respect of financial assets,
which may include Shares, held in, and income derived thereon and credited to, accounts or deposits with a paying agent in Switzerland
for the benefit of individuals resident in an EU member state or in a treaty state since 2017, and exchanges it since 2018. Switzerland
has signed and is expected to sign further bi- or multilateral AEOI in tax matter agreements with other countries, which entered into
force on January 1, 2018 or January 1, 2019 or will enter into force at a later date.

A list of such multilateral
agreements and bilateral agreements of Switzerland in effect or signed and becoming effective can be found on the website of the State
Secretariat for International Finance, or SIF.

On February 27, 2019, the
Federal Council (“ Bundesrat”) initiated the consultation on the revision of the AEOI Act and AEOI Ordinance. The consultation
proposal takes account of recommendations from the Global Forum on Transparency and Exchange of Information for Tax Purposes. They concern,
among other things, certain due diligence and registration obligations, the maintenance of a document retention obligation for reporting
Swiss financial institutions, as well as definitions thereunder. Some exceptions have also been removed or adapted. The amendments to
the AEOI Act and AEOI Ordinance entered into force on January 1, 2021. Further revisions of the AEOI Act and the AEOI Ordinance concerning
the Common Reporting Standard are expected in June 2024 and to be implemented in 2026. It is expected that he amendments include a revision
of the Common Reporting Standard (CRS) for financial accounts and the addition of a new Crypto-Asset Reporting Framework (CARF).

Swiss Facilitation of the Implementation of
the U. S. Foreign Account Tax Compliance Act

Switzerland has concluded
an intergovernmental agreement with the U. S. to facilitate the implementation of the Foreign Account Tax Compliance Act, or the FATCA.
The agreement ensures that the accounts held by U. S. persons with Swiss financial institutions are disclosed to the U. S. tax authorities
either with the consent of the account holder or by means