NEW
DELHI: The Swiss authorities have told the Indian government they will not be
able to share information on bank accounts without the consent of the
account-holders. In a letter last month, Switzerland's finance minister also
told her Indian counterpart that the 2011 Double Taxation Avoidance Agreement,
under which India had sought information, applies prospectively, thus ruling
out access to information about accounts opened before that date, said a senior
official familiar with the letter's
In his budget speech on February 17,
Finance Minister P Chidambaram had spoken of "several hurdles" in
obtaining evidence from foreign countries about offshore accounts held by
Indians.
The letter
from the Swiss finance minister said notifying the account-holder of the fact that tax
authorities of a foreign country were making enquiries is in line with Swiss
bank secrecy laws. If the account-holder declines to part with the information,
the Indian government could challenge such non-cooperation in Swiss courts, the
official familiar with the communication said.
India is likely to reject this stance of the Swiss authorities and may even declare the Alpine nation a Non-Cooperative Jurisdiction, which would result in suspending tax benefits available
India is likely to reject this stance of the Swiss authorities and may even declare the Alpine nation a Non-Cooperative Jurisdiction, which would result in suspending tax benefits available
under
the bilateral tax treaty. "A reply has been sent. We have informed the
Swiss government that this (seeking information on bank accounts) is a
sovereign request and individuals can't be notified. And information has to be
shared under Article 26 of the treaty signed between the two countries, which
overrides Swiss domestic laws," said the official cited earlier.
NEW
DELHI: The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the consent of
the account-holders. In a letter last month, Switzerland's finance
minister also told her Indian counterpart that the 2011 Double Taxation
Avoidance Agreement, under which India had sought information, applies
prospectively, thus ruling out access to information about accounts
opened before that date, said a senior official familiar with the
letter's ..
NEW
DELHI: The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the consent of
the account-holders. In a letter last month, Switzerland's finance
minister also told her Indian counterpart that the 2011 Double Taxation
Avoidance Agreement, under which India had sought information, applies
prospectively, thus ruling out access to information about accounts
opened before that date, said a senior official familiar with the
letter's ..
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NEW
DELHI: The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the consent of
the account-holders. In a letter last month, Switzerland's finance
minister also told her Indian counterpart that the 2011 Double Taxation
Avoidance Agreement, under which India had sought information, applies
prospectively, thus ruling out access to information about accounts
opened before that date, said a senior official familiar with the
letter's ..
NEW
DELHI: The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the consent of
the account-holders. In a letter last month, Switzerland's finance
minister also told her Indian counterpart that the 2011 Double Taxation
Avoidance Agreement, under which India had sought information, applies
prospectively, thus ruling out access to information about accounts
opened before that date, said a senior official familiar with the
letter's ..
NEW
DELHI: The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the consent of
the account-holders. In a letter last month, Switzerland's finance
minister also told her Indian counterpart that the 2011 Double Taxation
Avoidance Agreement, under which India had sought information, applies
prospectively, thus ruling out access to information about accounts
opened before that date, said a senior official familiar with the
letter's ..