Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Elections 2019
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / India-Switzerland to start automatic sharing of tax info from 2019
  • World

    India-Switzerland to start automatic sharing of tax info from 2019

    Gogona Saikia
    Written by
    Gogona Saikia
    Mail
    Last updated on Dec 22, 2017, 10:29 am
    India-Switzerland to start automatic sharing of tax info from 2019
    Credits:
  • India and Switzerland have signed a deal that would allow both to automatically share tax-related data from 2019.

    The Automatic Exchange of Information (AEOI) will be implemented on January 1, 2018; the first year will involve collection of data in accordance with global standards.

    Switzerland is a known safe haven for illicit wealth. However, India's rank in Swiss bank holdings has been falling consistently.

  • In this article
    Black money a longstanding issue between India and Switzerland AEOI follows intense parleys between India and Switzerland What does the deal mean for the two countries? India's rank in Swiss bank holdings has been consistently falling
  • History

    Black money a longstanding issue between India and Switzerland

    Black money a longstanding issue between India and Switzerland
  • It's suspected that several Indians have stashed unaccounted wealth in Swiss banks, making the subject a longstanding debate between India and Switzerland.

    In January 2012, India signed the Convention on Mutual Administrative Assistance in Tax Matters.

    In November 2016, India and Switzerland signed an agreement for the AEOI's implementation, after New Delhi stepped up efforts to quash black money.

  • Do you know?

    AEOI follows intense parleys between India and Switzerland

  • The AEOI comes after intense negotiations between India and Switzerland under the aegis of the G20, OECD and other organizations. The Swiss Federal Council said it was "met with widespread approval from interested parties". Switzerland ratified it in June'17 with India and 40 other jurisdictions.

  • Impact

    What does the deal mean for the two countries?

    What does the deal mean for the two countries?
  • With the declaration, Switzerland has agreed to conform to global standards on automatic exchange of information.

    India, which will receive "financial information of accounts held by Indian residents in Switzerland...on an automatic basis" from September'19, has assured confidentiality of the information.

    Several Indian requests for information on Indians holding accounts in Swiss banks are currently pending.

  • Status

    India's rank in Swiss bank holdings has been consistently falling

    India's rank in Swiss bank holdings has been consistently falling
  • India's rank has been slipping consistently in terms of money nationals hold with Swiss banks. In July'17, it ranked 88th, down from 66th in 2014.

    The total amount has been falling since 2006, when it touched a high of Rs. 23,000cr.

    Jan Langlo, Association of Swiss Private Banks' Manager, said it's practical for Indians to open accounts in Asian hubs than in Switzerland.

  • India
  • Switzerland
  • Banking
  • Income Tax Department
  • Swiss Bank
  •  
Latest News
  • Samsung begins production of Galaxy A52 smartphone in India
    Samsung begins production of Galaxy A52 smartphone in India
    Science
  • Benelli launches Imperiale 400 Retro Edition in Thailand: Details here
    Benelli launches Imperiale 400 Retro Edition in Thailand: Details here
    Auto
  • #ComicBytes: Tracing the origin of the smartest Robin, Tim Drake
    #ComicBytes: Tracing the origin of the smartest Robin, Tim Drake
    Entertainment
  • 2021 Kawasaki Ninja ZX-10R motorbike to be launched by March
    2021 Kawasaki Ninja ZX-10R motorbike to be launched by March
    Auto
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love World news?

Subscribe to stay updated.

World Thumbnail

More

Live

India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Samsung Cricket News World Health Organization Donald Trump Rape Hollywood News
Netflix Bollywood News Vaccine Congress Tesla Farmers Protest Spanish Super Cup SCG Test Latest Gadget Launch Latest Automobile News
IPL 2021 Coronavirus Brisbane Test MediaTek Dimensity 1000+ COVAXIN CES 2021 Latest Tech News
About Us Privacy Policy Terms & Conditions Contact Us News News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021