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India and Switzerland agree to move towards an early agreement for the implementation of AEOI between the two countries; Two sides agreed to pursue the ongoing dialogue on tax and financial matters in a spirit of mutual friendship and cooperation

News and Press Release - Dated:- 16-6-2016 - Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for this Government. To further this goal, the Prime Minister Shri Narendra Modi met with the Swiss President Johann Schneider-Ammann at Geneva on 6th June 2016 and discussed the need for expeditious exchange of information for combatting tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information. As a follo .....

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at the earliest, possibly by the end of the year. Once this agreement is signed, it will be possible for India to receive from 2018 financial information of accounts held by Indian residents in Switzerland on automatic basis. Noting the progress in bilateral tax cooperation since the last Secretary-level meeting in October 2014, the two Secretaries encouraged the competent authorities of both the countries to continue with regular bilateral meetings and contacts to further enhance the cooperati .....

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ublic domain. The amended proposal is now with the Swiss Parliament. An early revision of the Swiss law in respect of stolen data would take the Indo-Swiss tax cooperation to a new level. The two sides agreed to pursue the ongoing dialogue on tax and financial matters in a spirit of mutual friendship and cooperation. The text of the Joint Statement signed by the two Secretaries at the conclusion of the meeting is given below: Joint Statement In furtherance to the meeting of Prime Minister Shri N .....

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between India and Switzerland. As a follow up of the meeting between the Indian Prime Minister and the Swiss President, representatives of both sides held in-depth discussions on current challenges relevant for both countries. Revenue Secretary Adhia and State Secretary de Watteville recognized the benefits of ongoing dialogue and mutual exchange for attaining effective and sustainable results in bilateral tax and financial cooperation. Revenue Secretary Adhia and State Secretary de Watteville .....

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requests are dealt with quickly and efficiently. To begin with, a team of officers from India would visit Switzerland for bilateral discussions towards expeditious resolution of pending exchange of information requests. On the issue of requests based on what Switzerland considers as data obtained in breach of Swiss law, Revenue Secretary Adhia, while reaffirming India's position that Switzerland should share information in all cases in accordance with its treaty obligations, noted the progr .....

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-Swiss tax cooperation to a new level. Reiterating their countries commitment to combat tax fraud and evasion within the applicable legal framework, Secretary Adhia and State Secretary de Watteville expect that the progress made by Switzerland in the field of administrative assistance in tax matters would be appropriately reflected in Switzerland s phase 2 review by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). More generally, the Revenue Secretary .....

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c, legal and beneficial ownership information of legal persons and legal arrangements, while underlining the importance of full implementation of FATF standards in this regard. The discussions showed a convergence of views with regard to tackling offshore tax evasion. State Secretary de Watteville informed that Switzerland now has the necessary legal bases to begin with the implementation of automatic exchange of information (AEOI) under common reporting standard (CRS). Recalling the commitment .....

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modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with the view to reaching an agreement at the earliest, possibly by the end of the year. Both representatives expressed support for the work of the G20 and the OECD in the field of international economic cooperation. They shared the view that coordinated international actions, as in the case of tax base erosion and profit shifting, are central to achieving a sustainable development path, especially for .....

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