India Switzerland

India and Switzerland have signed an agreement for an automatic exchange of tax-related information between the two countries. (Wikipedia photo) 

NEW DELHI — In a bid to fight the menace of black money stashed in offshore accounts, India Dec. 21 entered into an agreement with Switzerland for an automatic exchange of tax-related financial information between the two countries.

According to the Central Board of Direct Taxes, the agreement was inked at the North Block here.

"With the completion of parliamentary procedure in Switzerland and signing of a mutual agreement, India and Switzerland are set for automatic exchange of information from Jan. 1 next," the CBDT said. 

Earlier, India had signed a Joint Declaration with Switzerland for the implementation of an automatic exchange of information which envisages that India will automatically receive information on accounts held by Indian residents in Switzerland.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.