Swiss govt agrees to share data on tax evasion

June 23rd, 2009

Renegotiated tax treaty to relax banking secrecy laws.

Business Standard

The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance Agreement (DTAA) that the two countries signed in 1995.

Such a reformulated tax agreement will help tighten the legal noose on tax evaders secreting their money abroad. Under present Swiss law, foreign-held accounts are protected unless there is evidence of proceeds from drugs or bribes.

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