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Switzerland Extends Olive Branch To India On Tax

by Ulrika Lomas,, Brussels

20 October 2014

Swiss authorities have confirmed that, if asked, they will assist India in efforts to confirm the genuineness of bank documents and will swiftly provide information on requests relating to non-banking dossiers.

The commitment was made in a joint statement following a meeting between the Swiss State Secretary, Jacques de Watteville, and the Indian Revenue Secretary, Shakikanta Das.

According to the statement, Das agreed to indicate which cases should be prioritized and to give additional information where appropriate. The Swiss Federal Tax Administration committed to provide the requested data in a "time-bound manner," and, if it is unable to do so within an agreed timeframe, indicate the reasons why.

De Watteville noted India's wish to engage in discussions aimed at concluding an automatic exchange of information (AEOI) agreement with Switzerland. He told Das that Switzerland would commence talks with India once it has completed the domestic procedures necessary for implementing the new global standard on the automatic exchange of information. Switzerland aims to have the required laws in place by the fiscal year 2017-18.

De Watteville and Das also decided that, as a matter of principle, both sides should continue their regular consultations, with the aim of reaching "effective and pragmatic solutions agreeable to both sides in accordance with their legal order and international obligations."

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | India | tax avoidance | law | banking | Organisation for Economic Co-operation and Development (OECD) | tax authority | agreements | tax planning | Switzerland | revenue statistics | Tax | Tax Evasion

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