BERN/NEW DELHI: Paving the way for the automatic exchange of tax information with India and other nations, Switzerland has ratified the multilateral convention on administrative assistance in taxation matters.
The move marks a significant step in the continuing global efforts to crackdown on illicit fund flows in the system and do away with banking secrecy practices.
In efforts to clamp down on the black money menace, India has been seeking tax information from various countries, including Switzerland.
Stating that Switzerland is “taking yet another step in the area of international cooperation in tax matters,” Swiss Government today said it has ratified multilateral convention on administrative assistance.
The instruments of ratification for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Administrative Assistance Convention) were today deposited with Paris-based OECD, according to a release.
The Organisation for Economic Cooperation and Development (OECD) sets the global tax standards and the convention has been prepared by it. (AGENCIES)
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