Switzerland Can Share Details of Tax Evaders, Vice-Prez

Visiting Swiss Vice-President and Minister of Economic Affairs Doris Leuthard has said that India and Switzerland will soon begin negotiations to expand the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion.

“We are open to renegotiation of the treaty to include tax evasion, whichs is a crime in India. The first round of talks will take place soon,” said Doris Leuthard.

The offer has been made by Switzerland to other countries having similar treaties with us, said the Swiss Minister.

“It means that if India has a case of tax evasion against a citizen who has an account in our banks, then India can apply through set procedures to know the details,” Doris said.

According to Philoppe Welti, the Swiss Ambassador to India, the bilateral discussions will take place before the end of this year.

Doris is scheduled to participate in the World Trade Organisation ministerial discussions in New Delhi.

Needless to add, following denial of permission to India to look through accounts of UBS AG, the Swiss banking secrecy had been in the news. The US had, however, been allowed access to details of over 4,000 bank account holders.

It is expected that Switzerland would allow the sharing of bank account details of Indian citizens once the revised double taxation treaty is drawn up and signed.