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News--
Switzerland to share tax information with India
India is among 58 countries that are signatories to the OECD
mutual tax information-sharing convention. But for automatic information
sharing, India will have to sign another pact with the Swiss government.
It has a Double Taxation Avoidance Agreement (DTAA) with
Switzerland, it may not be adequate.
On October 15, Switzerland signed the OECD's multilateral
convention on mutual administrative assistance in tax matters that provides for
sharing of investments details with member countries automatically.
India had amended its DTAA with 81 countries and signed tax
information exchange agreement with some tax havens for automatic exchange of
information.
India has been getting information from several other
countries on its citizens who have made investments abroad — some of which may
be legal — through this automatic route.
One such information from France and later Denmark and
Finland had details of over 2,000 bank accounts of Indians in those countries.
France had even shared a list of 700 Indians' bank accounts in Geneva-based
HSBC Bank, which was part of a stolen data.
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