Government has signed a tax information exchange agreement with Switzerland to gain access to banking data in that country. This data will be provided on demand and will be available from 1st of April this year. This information was given by the Finance Minister Pranab Mukherjee while replying supplementaries in the Lok Sabha today. The agreement assumes importance in the wake of the reports that some Indians and corporate firms have stashed their black money in Swiss banks. On Avoidance of double taxation agreement with Switzerland ,he said it will come into force after that country completes the internal process. He said such agreements have been renegotiated with 21 countries and signed with 18 other countries.
News On AIR | August 19, 2011 2:25 PM
Govt signs tax information exchange agreement with Swiss