BESIDES many countries India
has last Tuesday adopted a
Declaration on Automatic Exchange of Information in Tax Matters.Switzerland was
one of the 46 countries.
As
per the Indian Finance Minister, Mr P Chidambaram, the Declaration recognises
that investments kept offshore by tax payers should not go untaxed. It stresses
that a key aspect of cooperation between tax administrations is effective
exchange of information on automatic basis subject to appropriate safeguards.
The
Declaration has referred to the Multilateral Convention on Mutual
Administrative Assistance in Tax Matters that has been signed by over 60
countries including almost all OECD countries and all G-20 countries.
Switzerland is a signatory to the Convention but it is reported that
Switzerland has not yet ratified the Convention. The Declaration called
upon all countries to sign and ratify the multilateral Convention.
India
has signed the Multilateral Convention and, is also a signatory to the Declaration
adopted on May 6, 2014.
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