Banking details of Indians with accounts in Switzerland will now be available to tax authorities as the automatic exchange of information regime kicks off between the two countries.
In a series of tweet, Central Board of Direct Taxes, CBDT said, 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.
It said, the first automatic exchange of financial account information under Common Reporting Standard will start from today. India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. The CBDT frames policy for the Income-Tax Department.
The announcement follows meeting of a Swiss delegation led by Nicolas Mario Luscher, Deputy Head of Tax Division, State Sectt for International Finance, with Revenue Secretary Ajay Bhushan Pandey and senior tax officials of Central Board of Direct Taxes.