Information on tax data to be shared with India from 2019, says Swiss President
Doris Leuthard and PM Narendra Modi discussed various issues including the need to deepen bilateral cooperation in combating tax evasion and black money.Updated: Aug 31, 2017 22:35 IST
After her extensive talks with Prime Minister Narendra Modi on Thursday, Swiss President Doris Leuthard said she was hopeful of her country passing the law on automatic exchange of information relating to tax by year end.
She added her country will be able to exchange the first set of information with India by 2019.
The two leaders discussed various issues including the need to deepen bilateral cooperation in combating tax evasion and black money. “Be it black money, dirty money, hawala transaction or money related to arms and drugs, our cooperation with Switzerland continues to deal with the global curse,” the Prime Minister said in a statement.
Leuthard said India and Switzerland can work in tandem to ensure financial transparency.
The issue of black money has been a matter of debate in India, and Switzerland has been long perceived as one of the safe havens for the illicit wealth allegedly stashed abroad by some Indians.
Referring to a joint declaration on exchange of information relating to tax signed by the two sides last year, Modi said, “ As per the provision of the declaration, after the completion of internal process in Switzerland, information will be shared with us on automatic basis.”
Leuthard said her country follows all international rules on financial transaction to ensure transparency.
“We have today probably one of the strongest laws on money laundering,” she added.
Meanwhile, the Prime Minister thanked her country for supporting India’s entry into the Nuclear Supplier’s Group, an elite group of countries who deal with trade in nuclear technology and fissile materials.
First Published: Aug 31, 2017 22:34 IST