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India gets 1st tranche of citizens' Swiss bank account info
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SME Times News Bureau | 08 Oct, 2019
In a major step towards fighting black money, India got the first
tranche of Swiss Bank details of its residents under the Automatic
Exchange of Information agreement.
India is among 75 countries
with which the Federal Tax Administration (FTA) exchanged information on
around 3.1 million financial accounts.
The took place within the framework of the global standard on the automatic exchange of information (AEOI).
Following
the first exchange last year, in which no technical problems were
encountered, this year, the AEOI involved a total of 75 countries.
With
63 of these countries, the exchange of information was reciprocal. In
the case of 12 countries, Switzerland received information but did not
provide any, either because those countries do not yet meet the
international requirements on confidentiality and data security (Belize,
Bulgaria, Costa Rica, Curacao, Montserrat, Romania, Saint Vincent and
the Grenadines, Cyprus) or because they chose not to receive data
(Bermuda, British Virgin Islands, Cayman Islands, Turks and Caicos
Islands).
Currently, around 7,500 reporting financial
institutions (banks, trusts, insurers, etc.) are registered with the
Federal Tax Administration. These institutions collected the data and
transferred it to the FTA.
The FTA sent information on around 3.1
million financial accounts to the partner states and received
information on around 2.4 million from them.
The largest exchange
was with Germany (in both directions), as was the case in the previous
year. The FTA cannot provide any information on the amount of financial
assets.
Switzerland has committed itself to adopting the global
standard for the international automatic exchange of information in tax
matters. The legal basis for the implementation of the AEOI in
Switzerland came into force on January 1, 2017.
Identification,
account and financial information is exchanged, including name, address,
state of residence and tax identification number, as well information
concerning the reporting financial institution, account balance and
capital income.
The exchanged information allows the cantonal tax
authorities to verify whether taxpayers have correctly declared their
financial accounts abroad in their tax returns.
Next year,
Switzerland's network of AEOI partner states will expand further, to
around 90 countries. The OECD Global Forum on Transparency and Exchange
of Information for Tax Purposes (Global Forum) reviews the
implementation of the AEOI.
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