A TRUE BLACK MONEY BUST : NOW GOVT HAS A RIGHT TO KNOW DETAIL OF SWISS BANK ACCOUNT HOLDERS : AN I-GOVERNMENT NEWS AT HUMANRESCUEINTERMEDIA

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India, Switzerland ink tax info exchange accord

Under the accord, India will get, on demand, banking data of Indians in Switzerland

Submitted on 08/19/2011 – 09:33:43 AM

New Delhi: Government has signed a tax information exchange agreement with Switzerland. It provides for having access to banking data in that country. This data will be provided on demand.

The agreement is important in the wake of the reports that some Indians and corporate firms have stashed their black money in Swiss banks.

Finance Minister Pranab Mukherjee said in response to a query during question hour in the Lok Sabha that in order to improve sharing of information on black money, the government is negotiating with 16 entities and the agreements would be completed by October this year.

The government is also amending the Double Taxation Avoidance Agreement it has with four countries and is also negotiating with 16 entities to improve information sharing on black money as part of the Tax Information Exchange Agreement.

The Finance Minister that many domestic companies would make investments abroad as the Indian economy becomes more integrated with the global economy.

This, he said, would require avoidance of double taxation by both the countries involved in the trade.

Mukherjee said that all the formalities for operationalising the avoidance of double taxation agreement with Switzerland will be completed after that country concludes the internal process.

He said India has already signed avoidance of double taxation agreement with Colombia, Ethiopia, Taiwan and Tanzania but they have not yet come into force.
—iGovernment Bureau  

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