New Delhi: The wait is finally over! Yes, the Swiss Banks will be releasing details of Indians with bank accounts in Switzerland.
Switzerland will be exchanging information with Indian Tax authorities tomorrow.
The Central Board of Direct Taxes (CBDT) said the move shall be a significant step in the government’s fight against black money and the era of “Swiss bank secrecy” is finally set to be over.
A Swiss delegation met the Revenue Secretary AB Pandey CBDT Chairman PC Mody and CBDT Member( Legislation) Akhilesh Ranjan on August 29-30.
The first automatic exchange of financial account information (AEOI) which shall include accounts that were closed during 2018 will start 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 said in a statement.
Both the sides discussed 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 was also discussed,” the CBDT said.