Automatic exchange of tax information between Switzerland and IndiaJanuary 26, 2017
The collection of information will begin 1st January 2018 and the transmission will begin on 1st January 2019 for the information collected in 2018.
A distinction needs to be made between requests for tax information from India to Switzerland under the existing Double Tax Treaty and the automatic exchange of information for tax purposes.
The latter implies that at the end of each year as of 1st January 2018, the Swiss tax authorities will print out the bank statements of each Indian national resident in India and send to the Indian tax authorities in 2019. The collection of information will only be as of 1st January 2018 and not be retroactive. The former types of request already exist since a few years and are subject to a certain administrative procedure in Switzerland.
If you are an Indian resident and you still have undeclared accounts in Switzerland, consult your Swiss and Indian tax advisors urgently to regularize your situation.
Tags: Automatic exchang, India, Switzerland, tax information
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