Automatic Information exchange with Swiss from 2019
17th June, 2017Category:
Switzerland has ratified automatic exchange of financial account information with India and 40 other jurisdicstions to facilitate immediate sharing of details about suspected black money. Adopting the dispatch on introduction of the AEOI (Automatic Exchange of Information), a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.
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