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NEW DELHI/BERNE: India has acquired the third set of Swiss checking account particulars of with Switzerland as a part of an annual train below which the European nation has shared particulars of almost 33 lakh monetary accounts with 96 international locations.
The Federal Tax Administration (FTA) of Switzerland stated in an announcement on Monday that the alternate of knowledge this 12 months concerned 10 extra international locations — Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.
Whereas the alternate was reciprocal with 70 international locations, Switzerland acquired data however didn’t present any within the case of 26 international locations — both as a result of these international locations don’t but meet the worldwide necessities on confidentiality and information safety (14) or as a result of they selected to not obtain information (12).
Whereas the FTA didn’t disclose names and additional particulars of all 96 international locations, officers stated India figured amongst these having acquired the knowledge for the third 12 months in a row and the main points shared with Indian authorities pertained to numerous people and corporations having accounts in Swiss monetary establishments.
The alternate came about final month and the subsequent set of knowledge can be shared by Switzerland in September 2022.
India had acquired the primary set of particulars from Switzerland below AEOI in September 2019. It was amongst 75 international locations to get such data that 12 months. Final 12 months, India was amongst 86 such accomplice international locations.
In accordance with consultants, the AEOI information acquired by India has been fairly helpful for establishing a robust prosecution case towards those that have any unaccounted wealth, because it gives total particulars of deposits and transfers in addition to of all earnings, together with via investments in securities and different property.
On the situation of anonymity, officers stated the main points relate largely to businessmen, together with non-resident Indians now settled in a number of South-East Asian international locations in addition to within the US, the UK and even some African and South American international locations.
Switzerland had agreed to AEOI with India after an extended course of, together with a assessment of the mandatory authorized framework in India on information safety and confidentiality.
The exchanged particulars embody identification, account and monetary data, together with title, tackle, nation of residence and tax identification quantity, as nicely data regarding the reporting monetary establishment, account steadiness and capital revenue.
For 3 years now, India has been amongst outstanding international locations with which Switzerland has shared these particulars.
Moreover, Swiss authorities have already shared details about greater than 100 Indian residents and entities to date this 12 months on receipt of requests for administrative help in circumstances involving probes into monetary wrongdoings together with tax evasion, the officers added. This depend has been related previously few years.
These circumstances largely relate to older accounts that may have been closed earlier than 2018, for which Switzerland has shared particulars with India below an earlier framework of mutual administrative help as Indian authorities had offered prima facie proof of tax-related wrongdoing by these account holders. AEOI is relevant solely to accounts which might be energetic or had been closed throughout 2018.
A few of these circumstances relate to entities arrange by Indians in varied abroad jurisdictions like Panama, the British Virgin Islands and the Cayman Islands, whereas the people embody largely businessmen and some politicians and erstwhile royals in addition to their relations.
The officers, nonetheless, refused to share particulars in regards to the precise variety of accounts or the quantum of property held within the accounts held by Indians, for which the knowledge has been shared with India, citing strict confidentiality clauses governing the alternate framework.
The exchanged data permits tax authorities to confirm whether or not taxpayers have accurately declared their monetary accounts of their tax returns.
For the primary time, Switzerland has additionally agreed this 12 months to share particulars about actual property property owned by foreigners there, however the details about contributions to non-profit organisations and different such foundations, as additionally particulars on investments in digital currencies nonetheless stay out of bounds from AEOI framework.
That is being seen as a key milestone within the Indian authorities’s struggle towards black cash allegedly stashed overseas, as authorities will have the ability to get the entire data on flats, flats and condominiums owned by Indians in Switzerland as additionally on earnings constructed from such properties to assist it look into tax liabilities related to these property.
The transfer assumes significance on the a part of Switzerland which is making an attempt laborious to reposition itself as a key international monetary centre whereas keeping off the long-persisting notion in regards to the Swiss banking system being an alleged protected haven for black cash.
Specialists and people engaged within the enterprise of attracting investments to Switzerland consider the transfer would additionally assist clear misconceptions about all fund inflows into Swiss property being illicit and would go a great distance in establishing Switzerland as a most popular funding vacation spot, together with for actual property properties.
The FTA stated it despatched data on round 33 lakh monetary accounts to the accomplice states and acquired data on round 21 lakh accounts from them.
“The FTA can’t present any data on the quantity of monetary property,” it added.
Switzerland’s first such alternate came about on the finish of September 2018 and concerned 36 international locations, however India didn’t determine within the record at the moment.
The International Discussion board of the Organisation for Financial Cooperation and Growth (OECD) evaluations AEOI implementation.
The Federal Tax Administration (FTA) of Switzerland stated in an announcement on Monday that the alternate of knowledge this 12 months concerned 10 extra international locations — Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.
Whereas the alternate was reciprocal with 70 international locations, Switzerland acquired data however didn’t present any within the case of 26 international locations — both as a result of these international locations don’t but meet the worldwide necessities on confidentiality and information safety (14) or as a result of they selected to not obtain information (12).
Whereas the FTA didn’t disclose names and additional particulars of all 96 international locations, officers stated India figured amongst these having acquired the knowledge for the third 12 months in a row and the main points shared with Indian authorities pertained to numerous people and corporations having accounts in Swiss monetary establishments.
The alternate came about final month and the subsequent set of knowledge can be shared by Switzerland in September 2022.
India had acquired the primary set of particulars from Switzerland below AEOI in September 2019. It was amongst 75 international locations to get such data that 12 months. Final 12 months, India was amongst 86 such accomplice international locations.
In accordance with consultants, the AEOI information acquired by India has been fairly helpful for establishing a robust prosecution case towards those that have any unaccounted wealth, because it gives total particulars of deposits and transfers in addition to of all earnings, together with via investments in securities and different property.
On the situation of anonymity, officers stated the main points relate largely to businessmen, together with non-resident Indians now settled in a number of South-East Asian international locations in addition to within the US, the UK and even some African and South American international locations.
Switzerland had agreed to AEOI with India after an extended course of, together with a assessment of the mandatory authorized framework in India on information safety and confidentiality.
The exchanged particulars embody identification, account and monetary data, together with title, tackle, nation of residence and tax identification quantity, as nicely data regarding the reporting monetary establishment, account steadiness and capital revenue.
For 3 years now, India has been amongst outstanding international locations with which Switzerland has shared these particulars.
Moreover, Swiss authorities have already shared details about greater than 100 Indian residents and entities to date this 12 months on receipt of requests for administrative help in circumstances involving probes into monetary wrongdoings together with tax evasion, the officers added. This depend has been related previously few years.
These circumstances largely relate to older accounts that may have been closed earlier than 2018, for which Switzerland has shared particulars with India below an earlier framework of mutual administrative help as Indian authorities had offered prima facie proof of tax-related wrongdoing by these account holders. AEOI is relevant solely to accounts which might be energetic or had been closed throughout 2018.
A few of these circumstances relate to entities arrange by Indians in varied abroad jurisdictions like Panama, the British Virgin Islands and the Cayman Islands, whereas the people embody largely businessmen and some politicians and erstwhile royals in addition to their relations.
The officers, nonetheless, refused to share particulars in regards to the precise variety of accounts or the quantum of property held within the accounts held by Indians, for which the knowledge has been shared with India, citing strict confidentiality clauses governing the alternate framework.
The exchanged data permits tax authorities to confirm whether or not taxpayers have accurately declared their monetary accounts of their tax returns.
For the primary time, Switzerland has additionally agreed this 12 months to share particulars about actual property property owned by foreigners there, however the details about contributions to non-profit organisations and different such foundations, as additionally particulars on investments in digital currencies nonetheless stay out of bounds from AEOI framework.
That is being seen as a key milestone within the Indian authorities’s struggle towards black cash allegedly stashed overseas, as authorities will have the ability to get the entire data on flats, flats and condominiums owned by Indians in Switzerland as additionally on earnings constructed from such properties to assist it look into tax liabilities related to these property.
The transfer assumes significance on the a part of Switzerland which is making an attempt laborious to reposition itself as a key international monetary centre whereas keeping off the long-persisting notion in regards to the Swiss banking system being an alleged protected haven for black cash.
Specialists and people engaged within the enterprise of attracting investments to Switzerland consider the transfer would additionally assist clear misconceptions about all fund inflows into Swiss property being illicit and would go a great distance in establishing Switzerland as a most popular funding vacation spot, together with for actual property properties.
The FTA stated it despatched data on round 33 lakh monetary accounts to the accomplice states and acquired data on round 21 lakh accounts from them.
“The FTA can’t present any data on the quantity of monetary property,” it added.
Switzerland’s first such alternate came about on the finish of September 2018 and concerned 36 international locations, however India didn’t determine within the record at the moment.
The International Discussion board of the Organisation for Financial Cooperation and Growth (OECD) evaluations AEOI implementation.
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