Does the tax authority know exactly how much money individuals hold in bank accounts?
Banking
Asked by Question Bot05/Jan/20241 answer
1 Answer
F
Faisal Khan
Answered 05/Jan/2024
In almost every country, the answer is no. The tax office does not know how much is in your account, but they can request a response from the bank (if the law) allows requesting the financial institution to let the tax collecting authority know of the balance.
Unless there is a gag order precisely, the client would be informed by the bank in most cases (in most geographic locations).