Swiss Bank account Details- India receives Second set of Account Details under AEOI Pact

Swiss Bank account Details- India receives Second set of Account Details under AEOI Pact. India has got the second set of Swiss bank Account details under the “Automatic Exchange Pact” which is a systematic transmission of bulk taxpayer information by the source country to the residence country signed with Switzerland. The pact was a major milestone of GoI in its fight back against black money.

Highlights:

  • As per the AEOI Pact signed with the India, Swiss Bank shares details such as account information, identification, Financial information such as name, address, tax identification number and country of residence.
  • India is among 86 other countries with which Switzerland’s Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information (AEOI).
  • The exchanged information allows the tax authorities to verify whether taxpayers have correctly declared their financial accounts abroad in their tax returns.
  • The information exchange this year involved nearly 3.1 million (31 lakh) financial accounts.
  • The number of such accounts was similar in 2019.

What is AEOI Pact:

  • Automatic Exchange of Information (AEOI) is systematic transmission of bulk taxpayer information by the source country to the residence country, which is possible under most of the Double Taxation Avoidance Agreements (DTAAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Related Questions:

  • How many Countries have signed AEOI Pact with Switzerland? -86 Countires
  • India had received the first set of details from Switzerland in – September 2019
  • Which Country is topped in Picodi’s Global List with Average Monthly Wage of Rs 32,800? –Switzerland
  • What is the Currency of Switzerland? – Swiss franc
  • Recently, Which IIM signed MoU with Switzerland based HELP Logistics? – IIM Kozhikode
  • Which Country named in Switzerland Top 3 partners for info exchange on tax matters? – India

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