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Switzerland and India will automatically exchange tax information from 2019, under the terms of a joint declaration signed on November 22.
Both countries intend to start collecting data from 2018. Implementation of the agreement will be based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA).
The Swiss Federal Council said that by signing the joint declaration it is confirming its commitment to implementing the automatic exchange of information (AEOI) standard, and is strengthening its network of AEOI partner states. It added that India meets the high standards required to protect the confidentiality of the data exchanged, and adheres to the principle of speciality.
The Swiss Federal Department of Finance will now consult on the introduction of the AEOI with India. Parliament must then give its approval.
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