A new regime of automatic exchange of Information unfolds between India and Switzerland as from now on banking details of Indians with accounts in Switzerland will be available to tax authorities in India from 1st September.
A tweet by the official account of Income Tax India stated “India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.”
India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over.
— Income Tax India (@IncomeTaxIndia) August 31, 2019
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The first automatic exchange of financial account information under the provisions common reporting standard will start from September.
During the meeting on August 29-30, both sides discussed the bilateral exchange of information matters to expedite execution of tax information-sharing requests made by India in specific cases. “Enhancing collaboration in offshore tax compliance matters were also discussed,” CBDT said.