Face of Nation : Banking particulars of Indians with accounts in Switzerland shall be obtainable to tax authorities from Sunday as the automated trade of data regime kicks off between the 2 nations.
The Central Board of Direct Taxes (CBDT) mentioned that the transfer is a big step within the authorities’s combat in opposition to black cash and the period of “Swiss bank secrecy” will lastly be over from September.
Between August 29 and August 30, a Swiss delegation had met Income Secretary AB Pandey, CBDT Chairman PC Mody and CBDT Member (Laws) Akhilesh Ranjan earlier than the regime kicked in, it mentioned.
The primary computerized trade of monetary account data (AEOI) beneath the provisions widespread reporting normal will begin from September.
“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland,” the CBDT mentioned in a press release. The knowledge will embrace accounts that had been closed throughout 2018.
In the course of the assembly, each side mentioned bilateral trade of data issues to expedite execution of tax data sharing requests made by India in particular instances, it mentioned.
