Info on tax data from Switzerland to India expected from 2019, says Swiss President Doris Leuthard
Swiss President Doris Leuthard today said India is expected to get in 2019 the first batch of data relating to tax from Switzerland under a new framework for automatic exchange of information.
After holding wide-ranging talks with Prime Minister Narendra Modi, Leuthard said the framework is likely to be ratified by the Swiss parliament by end of the current year and expressed her government's willingness to help India to deal with the problem black money.
The issue of black money has been a matter of major debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by some Indians.
Last year, India and Switzerland signed a joint declaration relating to automatic exchange of information relating to tax.
"We hope by end of this year, this will be passed and be operational by 2019 when the first exchange can take place," Leuthard told media.
On his part, Modi said transparency in financial transactions is a major global challenge and that cooperation between India and Switzerland over it will continue further.
Leuthard said her country follows all international rules on financial transaction to ensure transparency, adding "we have probably today one of the strongest laws on money laundering".
According to a Swiss government document, the country has found India's data security and confidentiality laws "adequate" for the automatic exchange of information framework.