The Switzerland government on Friday said it will share information with other countries on matters relating to taxes including those pertaining to its offences.
In a statement, the Swiss government said it would permit the exchange of information with other countries in individual cases where a specific and justified request has been made.
"Banking secrecy, however, does not protect any form of tax offence. With the globalisation of financial markets and in particular the current financial crisis, international cooperation in tax matters has become increasingly important,” it noted.
The adoption of the OECD (Organisation for Economic Co-operation and Development) standard on administrative assistance in taxation matters would have no impact on the situation for taxpayers resident in Switzerland.
“The right of the Swiss tax authorities to access bank data under Swiss domestic law is not affected by the decision,” the statement said.
Recently, the US government demanded Swiss banking giant UBS to reveal the account details of as many as 52,000 American taxpayers, suspecting of tax evasion.