Swiss to relax law on black money

Switzerland to relax law on black money

Switzerland has decided to relax a key legislation to make it easier to extend help to foreign countries including India, probing cases of suspected tax evasion. The amendment to Tax Administrative Assistance Act will make it possible for the Swiss government to override several provisions of the law that banks use to maintain secrecy of bank accounts from countries seeking details.

According to the revised Act which has been put on Swiss government’s website, it would help countries seeking information from the Swiss Authorities for probing cases of alleged tax evasion. The revision has provision that the affected persons will be notified only after the information has been disclosed to the requesting state authorities in urgent cases. It will also make it easier for Swiss Authorities to provide administrative assistance to foreign countries in select cases.

AIR correspondent reports that Switzerland has been under pressure from International community to share information about banks accounts, many of which are allegedly used for evading taxes.

Meanwhile, India has written to Swiss government for information on Indian account holders in Switzerland. Official sources said a letter in this regard has already been sent to the Swiss government.

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