India Switzerland sign agreement to share tax-related information
In a move aimed at combating black money stashed abroad, India has signed an agreement with Switzerland that would allow automatic sharing of tax-related information from 1 January, 2018. The agreement was signed by CBDT chairman Sushil Chandra and Swiss ambassador to India Andreas Baum at the North Block in New Delhi on December 21, 2017.
With this pact, it will now be possible for India to receive the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years on an automatic basis from September 2019 onwards.
Topics: Administrative territorial entities • Black markets • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Central Board of Direct Taxes • Chairperson • Chairperson, Central Board of Direct Taxes • Countries • Government of India • Switzerland