Black money: India-Swiss data sharing from Jan. 1

Black money: India-Swiss data sharing from Jan. 1

Context

India signed an agreement with Switzerland on Thursday that would allow automatic sharing of tax-related information from January 1 next year, the CBDT said

Backdrop

The policy-making body for the Income Tax Departmentsaid  the  agreement was signed by CBDT chairman SushilChandra  andSwiss Ambassador to IndiaAndreas Baum at the North

Block here

Joint declaration

A joint declaration  for the implementation of Automatic Exchange of Information  was  signed  lastmonth  between  the  twosides here, and it providedthat both countries wouldstart collecting data  in accordance  with  the  globalstandards  in  2018  and  ex-change  it  from  2019 onwards

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