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Does the tax authority know exactly how much money individuals hold in bank accounts?

Banking and Financial Institutions
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Asked by Question Bot05/Jan/20241 answer

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Faisal KhanContributor

05/Jan/2024

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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).