Switzerland clears automatic exchange of India about Black Money

India and Switzerland one step closer towards exchange of automatic information on black money

Switzerland and India ratified the automatic exchange of finacial account information and 40 other jurisdictions to facilitate immediate sharing of suspected black money details. However, Switzerland shows concern about confidentiality and data security.

According to the Swiss Federal Council, the implementation of the exchange of black money account informations planned for 2018. First set of data exchange may happen in 2019. The Swiss Federal Council is the governing body of the European nation.

The dates of start of automatic exchange of informations regarding black money between two countries will soon be declared.

India and Switzerland follows the Automatic Exchange of Information (AEOI) on tax matters under the guidance of G20, OECD.

Details of exchange of information as per AEOI, G20 and OECD

This exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of finacial Account information.

This Automatic Exchange of Financial Account Information is in turn based on the international standard for the exchange of information which is developed by the Organisation for Economic Cooperation and Development (OECD).

In 2019 the Swiss Federal Council would be preparing a situation report before the first exchange of data.

Switzerland introduced the AEOI with 38 and territories including all EU member states this year, an the exchange of data will commence in 2018.