AGENCIES / NEW DELHI
Banking details of Indians who are holding accounts in Switzerland will be available to tax authorities from Sunday, September 1
.
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 to start in September this year.
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.
It said, a Swiss delegation, led by Deputy Head of the Tax Division in the State Secretariat for international finance Nicolas Mario Luscher, called on Revenue Secretary A B Pandey, CBDT Chairman P C Mody and CBDT Member (Legislation) Akhilesh Ranjan.
In the two-day meeting at New Delhi, which concluded yesterday, both 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.