Banking details of Indians with accounts in Switzerland will be available to tax authorities from today as the automatic exchange of information regime kicks off between the two countries.
The Central Board of Direct Taxes (CBDT) said that the move is a significant step in the government’s fight against black money. The Central Board of Direct Taxes frames policy for the Income-Tax Department.
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.
The information will include accounts that were closed during 2018.
Between August 29 and August 30, a Swiss delegation had met Revenue Secretary AB Pandey, CBDT Chairman PC Mody, and CBDT Member (Legislation) Akhilesh Ranjan before the regime kicked in, it said.
During the meeting, both sides discussed the bilateral exchange of information matters to expedite the execution of tax information-sharing requests made by India in specific cases.
“Enhancing collaboration in offshore tax compliance matters was also discussed,” the Central Board of Direct Taxes said.