Swiss banks to share bank account details of Indians

Switzerland : Swiss bank is all set to share the first set of banking information between India and Switzerland before the September 30 deadline. This follows the Automatic Exchange of Information (AEOI) agreement signed between the two countries, and which came into force January 2018.

In written replies after The Indian Express contacted officials in the Swiss Finance Ministry and the Swiss Federal Tax Administration (EStV) in Berne, the Federal Tax office stated that several dispatches might be necessary in the case of India, giving an indication of the volume of details to be shared with Indian tax authorities of all Indians with bank accounts in Switzerland as of 2018 beginning.

According to a report, India is among the 76 countries with which Swiss bank will be sharing the account information this year.

Significantly, the Swiss authorities have confirmed that legislative and Parliamentary procedures that need to be carried out prior to the exchange of banking information have concluded, paving the way for the exchange of banking details.

In New Delhi, senior officials of the Foreign Taxation & Tax Research (FT&TR) told The Indian Express that they were all set to receive the bank account details under the AEOI. We have all the systems in place and are ready for the exchange. Following the delivery of the data, the Swiss account details will be compared with the tax returns of account holders and action taken wherever necessary, a senior official said.