Switzerland to share tax info with India, others

Switzerland

In a boost for India and other countries seeking details on suspected black money stashed in Swiss banks, Switzerland on Tuesday agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities. It signed the Organisation for Economic Cooperation and Development's (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The convention, which has now been signed by 58 countries including India, provides for sharing of information and mutual cooperation among all its signatories.

The development would lead to Switzerland providing all forms of mutual assistance — exchange on request, spontaneous information sharing, tax examinations abroad, and assistance in tax collection.

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