The Swiss bank has shared the fifth account details with India under the Annual Automatic Exchange of Information (AEOI). Switzerland has shared details of about 36 lakh financial accounts with 104 countries, including India.
Know When Swiss Bank Shared The Details
Under this, the Swiss Bank shared the details of which Indians have kept their money in the Swiss Bank and where this money came from. Swiss officials said this exchange occurred last month, i.e., in September. Earlier on October 11, 2022, the Swiss bank shared financial information about its citizens’ accounts with India, the fourth set shared between the two countries. Now, such information will be shared again through Switzerland in September 2024.
What Information Has Been Shared
Swiss Bank officials said this is the fifth annual information trade between Switzerland and India. The new details shared with Indian authorities relate to hundreds of financial accounts, including some related to individuals, corporations and trusts. The details shared include identity, bank account and financial information. This includes name, address, country of residence and tax identification number, information related to reporting financial institutions, account balances and capital income.
Details Of The Amount Were Not Disclosed – Know The Reason Given By Swiss Officials
Officials did not disclose the amount involved or any other information exchange details. Swiss officials have refused to do so, citing the confidentiality of information exchange, its rules, and its negative impact on further investigation. He said this detail will investigate other illegal and wrongful activities, including tax evasion, money laundering and terrorism funding. Based on this information, Swiss authorities can verify whether taxpayers have given correct declarations of their financial accounts in their income tax returns.
Share Financial Account Details With 104 Countries – Including Oman and Kazakhstan
According to a statement issued on Monday by the Federal Tax Administration (FTA) in Bern, the capital of Switzerland, details of financial accounts have been shared with 104 countries. This year, Kazakhstan, Maldives and Oman were added to the previous list of 101 countries. The number of financial accounts has increased by about two lakhs. This information has been shared within the Global Criteria on Annual Automatic Exchange of Information framework.
