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India, Switzerland Conclude Information Exchange Pact

by Mary Swire, Tax-News.com, Hong Kong

04 August 2010


An article on the exchange of information for tax purposes will be inserted into the existing double taxation agreement between India and Switzerland, now that negotiations, which date back to March 2009, have been concluded.

The tax treaty would be amended using the OECD Model Tax Convention as a basis. Although India will be able to obtain information by request on bank accounts held by Indian residents with few formalities, prima facie evidence of a legitimate cause for a tax enquiry would have to be submitted.

India has shown a preference for automatic exchange of information, and on the basis of its experience in negotiations, it reportedly submitted a paper to the G-20 meeting in Seoul, in which it proposed that domestic laws needed to support such agreements for effective information exchange. It felt that some privacy protection laws still tended to obstruct information sharing.

The Indian government would like to see an early ratification of the amendment, but in Switzerland, the process will require the approval of the Swiss parliament.

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
TAGS: tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | India | law | agreements | Switzerland

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