New tax pact will help India trace black money: Swiss govt | india | Hindustan Times
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New tax pact will help India trace black money: Swiss govt

As India and Switzerland prepare to renegotiate the Double Taxation Avoidance Agreement, the Swiss government has said it was confident that the pact would be finalised by next year and enable New Delhi to seek details about blackmoney stashed in banks there.

india Updated: Sep 06, 2009 11:59 IST

As India and Switzerland prepare to renegotiate the Double Taxation Avoidance Agreement, the Swiss government has said it was confident that the pact would be finalised by next year and enable New Delhi to seek details about blackmoney stashed in banks there.

"Yes" was the emphatic answer of Switzerland's Vice- President Doris Leuthard when asked whether renegotiating the treaty, which was signed in 1995, would enable India seek details of specific cases where tax evaders money was lying in Swiss banks.

She said she was confident of a positive outcome from the talks that are to begin in December.

"I think next year this new treaty can be accomplished," Leuthard, who was here for an informal WTO ministerial, told PTI.

Leuthard said she had "good talks with India on tax matters."

On Swiss Bankers Association's (SBA) stance that India was not welcome there on a name-fishing expedition, she said no country in the world would allow such an activity.

"Fishing expedition is not allowed (anywhere in) the world. We have the OECD standards. We follow international rules...We do not protect crime," Leuthard, who is also Minister of Economic Affairs, said.