Swiss parl panel gives nod to new tax treaty with India

It would eventually allow Indian government access to secret Swiss bank accounts of Indian tax evaders

PTI | January 19, 2011



A Swiss Parliamentary Committee has given the go-ahead to the revised tax treaty between India and Switzerland that would eventually allow Indian government access to secret Swiss bank accounts of Indian tax evaders.

The amendments to the treaty will now be placed before the Swiss Parliament for final approval.

Once the revised treaty gets the approval, Switzerland would provide administrative assistance to India to track cases of tax evasion and tax fraud.

The development comes at a time when the Indian government is under mounting pressure from Opposition parties and the Supreme Court to reveal the names of individuals who have stashed away black money overseas.

Swiss Parliament's Committee for Economic Affairs and Taxes (CEAT) in a statement on Tuesday said it has received the India-Switzerland double taxation treaty document and forwarded the same to the National Council.

CEAT, which has 25 members, is tasked with examining and drafting advisory opinions on messages, parliamentary initiatives, and reports concerning economic and fiscal issues, according to Swiss Parliament's official website.

Finance Minister Pranab Mukherjee and Swiss Federal Councillor Micheline Calmy-Rey signed a "protocol" to amend the double taxation agreement (DTA) in the area of taxes on income on August 30, 2010.

As per an agreement between the two countries, the information exchange was to have taken effect on January 1, 2011.

However, earlier this month, Switzerland's Federal Tax Administration department had said the protocol was still to take effect as they were yet to inform each other about extending the necessary approvals.

"In Switzerland the Parliament has not agreed upon the protocol yet.

"The exchange of information will be applicable for information that relates to any fiscal year beginning on or after the 1st January 2011, as soon as the protocol has been given effect," a department spokesperson had said.

The amended tax treaty would help the Indian government to seek information about illict wealth allegedly hidden in Swiss banks by Indians.

Earlier, the influential Swiss Bankers Association had said they would not permit "fishing expeditions", indicating that indiscriminate trawling through bank accounts would not be allowed.

Comments

 

Other News

Saksham Skill census identifies 22,000 job-ready candidates in one Mumbai ward

A first-of-its-kind AI-enabled skill census conducted in Mumbai`s H-West Ward has identified a potential livelihood pipeline of nearly 22,000 candidates, generated over 32,000 provisional job matches while revealing that 71.2 per cent of surveyed homemakers are willing to join the workforce, according to

GI tags: Scaling traditional wealth into global brands

Geographical Indication (GI) tags have emerged as a powerful tool for protecting India`s cultural heritage, while creating economic opportunities for local communities. By linking products to their place of origin, GI tags preserve traditional knowledge, prevent misuse, and enhance consumer trust. They h

BMC: 207 officials in ACB net, 112 still on duty, 68 retire before justice catches up

There are significant delays in the handling of corruption cases involving officials of the Brihanmumbai Municipal Corporation (BMC), a Right to Information (RTI) response obtained by rights activist Jeetendra Ghadge has revealed. As of 30 April 2026, 207 BMC officials face Anti-Corruption Bureau (A

The transformation trap: Why efficiency is not innovation

Every company is transforming, or so it claims.   There was a time when the word ‘transformation’ carried weight. It signified bold strategic shifts, reinvention of business models, and breakthrough technologies that fundamentally changed how organizations created

The Sardar biography that throws light on our times

Patel: A Life By Rajmohan Gandhi Aleph Books, 568 pages, Rs 1,199   There are many biographi

Climate change, El Niño rewrite Indian monsoon

The month of July exceeded its rainfall target despite forecasts of a below-normal month under a strengthening El Niño. The reason could be that climate change is amplifying monsoon complexity: West Pacific warming, Western Disturbances and evolving ocean conditions increasingly interact with El Ni&

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter