Swiss President says Information on tax data to be shared with India from 2019- On Thursday, Swiss President Doris Leuthard said her said will share information on tax data with India from 2019. She said her country will be able to exchange the first set of information with India by 2019.
PM Narendra Modi and Doris Leuthard has discussed on various issues. PM Narendra Modi has said he needs Switzerland government help in combating tax evasion and black money generation. He also focused to increase bilateral cooperation for both countries.
After her talks with Prime Minister Narendra Modi, She said she was hopeful of her country passing the law on automatic exchange of information relating to tax by year end.
Prime Minister Narendra Modi has focused the discussion of two leaders on various issues including the need to deepen bilateral cooperation in combating tax evasion and blocking black money generation. While Doris Leuthard said Switzerland and India and can work in tandem to ensure financial transparency.
Prime Minister said in a statement “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.”
In India, The issue of black money has been a matter of debate. Currently PM Modi is taking various steps to stop black money generation. He is trying to close the loop holes. As Black money create a parallel economy with present economy. To increase the foreign direct investment, creating mass jobs, building infrastructures for public and industries as well needs a transparent economy.
Allegedly Switzerland is a safe havens for the illicit wealth stashed abroad by some Indians. Since the years every Indian knows Switzerland’s Swiss Bank has black money of some Indians who evaded tax.
Leuthard said her country follows all international rules on financial transaction to ensure transparency. She also said that “today she has probably one of the strongest laws on money laundering”
Last year a joint declaration on exchange of information relating to tax had signed. Current is the refresh version of previous one.
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.”