In a major boost for India and other countries seeking details on suspected black money stashed in Swiss banks,Switzerland on Tuesday agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
The development,which 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 share information about accounts in its banks,which have long been known to be misused by entities from across the world,for evading taxes in their local jurisdictions. Switzerland on Tuesday signed the Organisation for Economic Cooperation and Developments (OECD) 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.
According to latest figures released by Swiss National Bank,total funds held by Indians in Swiss banks fell to about Rs 9,000 crore at the end of 2012,from about Rs 14,000 crore a year ago.
- Here’s Why Delhi-NCR Gets Pollution Code On Lines Of Beijing
- PM Modi Is More Interested In TRP Politics Rahul Gandhi At Congress Parliamentary Meet
- Bigg Boss 10 December 1 Review: Priyanka Jagga Succeeds In Her Divide And Rule Strategy
- Kahaani 2 Audience Reaction: Vidya Balan Starrer Thriller Gets Mixed Reviews
- Find Out What PM Modi Said About Demonetisation On LinkedIn
- Row Over West Bengal ”Military Coup” Issue Escalates: Who Said What
- Here’s How Mohammad Kaif Replied To Virender Sehwag’s Birthday Wish On Twitter
- West Bengal CM Mamata Banerjee’s Flight Reportedly Had Low Fuel: Here’s What Happened
- Reliance Jio Welcome Offer Extended Till March 31, JioMoney Launched
- Uri Attackers Came From Pakistan, Establishes Digital Data
- Bigg Boss 10 Nov 30 Episode Review: Captaincy Brings Differences In Manoj Punjabi & Manveer Gurjar
- Congress Vice President Rahul Gandhi’s Official Twitter Handle Hacked
- After Rahul Gandhi’s Twitter Handle, Congress Official Twitter Account Hacked
- 3 Dead As Army Helicopter Crashes In Sukna In West Bengal
- BJP, Congress Engage In War Of Words Over Nagrota Attack: Find Out More