September 1, 2019

Anna Murray 

As the automatic exchange of data system starts off between the two nations, bank details of Indians with deposits in Switzerland will be accessible to tax officials from Sunday (Sep. 01, 2019).

The Central Board of Direct Taxes (CBDT) said the change is an important step in the struggle of the government against black money and the age of "Swiss exchange privacy" will eventually be over from September.

A Swiss envoy consulted with Income Secretary AB Pandey, CBDT Chairman PC Mody and CBDT Member (Laws) Akhilesh Ranjan sooner than the government weighed in, it said.

As of September, the primary computerized trade in monetary account data (AEOI) under the widespread normal reporting provisions will begin.

"India will obtain calendar year 2018 data regarding all financial accounts kept in Switzerland by Indian citizens," the CBDT said in a statement.

Accounts completed during 2018 will be included in the data.

During the conference, both parties addressed bilateral data swap issues to accelerate the execution of Indian demands for tax data sharing in particular instances, she said.

"Enhancing collaboration in offshore tax compliance matters was also discussed," the CBDT said.

Photo:Webshot.