Switzerland today allowed foreign countries to identify tax evaders by providing their bank accounts details as a means of identification. This will help countries including India in their quest for unearthing black money parked in Swiss banks.
"Other means of identification (of taxpayers and holder of the information) would also be admissible. Identification via a bank account is also a possibility," the Swiss government said in a statement today.
Hitherto, Switzerland accepted only names and addresses as a means of identification from foreign countries seeking information about tax offenders in their countries.
The easing of requirement for administrative assistance in tax matters is in compliance with the OECD norms, wherein the Swiss confederation has to comply with the standard formulated by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
"Other means of identification (of taxpayers and holder of the information) would also be admissible. Identification via a bank account is also a possibility," the Swiss government said in a statement today.
Hitherto, Switzerland accepted only names and addresses as a means of identification from foreign countries seeking information about tax offenders in their countries.
The easing of requirement for administrative assistance in tax matters is in compliance with the OECD norms, wherein the Swiss confederation has to comply with the standard formulated by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
