Wednesday, October 16, 2013

End of Swiss bank secrecy, black money information to be shared...

In a major boost for India and other countries seeking details on suspected black money stashed in Swiss banks, Switzerland has agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.

The development, which virtually pulls down the famed secrecy wall surrounding Swiss banks, would lead to Switzerland providing all forms of mutual assistance - exchange on request, spontaneous information sharing, tax examinations abroad, and assistance in tax collection.

Switzerland has been facing intense global pressure to cooperate with overseas authorities to share information about accounts in its Swiss banks, which have long been known to be misused by entities from across the world, including from India, for evading taxes in their local jurisdictions.

Buckling under the international pressure, Switzerland has signed OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The convention, which has now been signed by 58
 countries, including India, provides for sharing of information and mutual cooperation among all its signatories. Full story...

Related posts:
  1. Massive amounts of India's dirty money hding in Swiss banks?
  2. It's the end of Swiss tax haven for wealthy Americans...
  3. Switzerland awash with money laundering cases...
  4. Swiss will have to give up bank secrecy: expert...
  5. India to get info on 'black money' in Swiss banks...

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