Swiss authorities share bank account details with 101 countries, including India

India has received the fourth installment of financial account information from Switzerland since the two countries entered into an automatic exchange of information (AEOI) agreement in 2018, to improve tax compliance and avoid potential fraud. The annual exchange of information allows countries to check whether taxpayers have correctly declared their financial accounts abroad in their tax declarations.

Switzerland is committed to adopting the global standard for automatic international exchange of tax information. India has received the names, addresses, tax identification number (TIN) and account numbers and account balance of each person to be reported, giving insight into the exact nature data transmitted, ANI learned.

The first such exchange with India took place in 2019. The exercise by Swiss authorities is strictly for “tax only” purposes. In India, the data is held in the custody and for action by the Central Board of Direct Taxes (CBDT).

There have been several cases of crackdowns on secret bank accounts globally due to possible tax evasion. On Monday, the Swiss Federal Tax Administration shared details of almost 34 lakh financial accounts with 101 countries. This year, the annual information sharing involved a total of 101 countries on a reciprocal basis.

Albania, Brunei Darussalam, Nigeria, Peru and Turkey have been added to the existing list of 96 countries. “With 74 countries, the exchange of information was reciprocal. In the case of 27 countries, Switzerland received information but did not provide any, either because these countries do not yet meet the international requirements in terms of privacy and data security (14) or because they chose not to receive data (12),” the Federal Tax Administration said in a statement.

“Russia was one of the states this year for which no data was provided,” the statement added. (ANI)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)