The Swiss Ambassador to India, Phillippe Welti, has said that Switzerland will revise the double taxation treaty (DTA) between the two countries to include cases of tax evasion. The move comes after calls from India since 1995 for the DTA to be amended so that it can demand details of bank accounts held by Indians in Switzerland.
Negotiations are due to commence in December, as already announced in August by Finance Minister Pranab Mukherjee, who said that it has been agreed that the amendment to the DTA would incorporate the principles of Article 26 of the OECD's Model Tax Convention, thus allowing Switzerland to exchange information on all tax matters, including tax evasion.
The Ambassador made his comments on Times Now television in India. The amount of money kept by Indians in Swiss bank accounts has been put at between USD500bn and USD1,900bn, although such figures have not been proved reliable.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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