India, Switzerland To Share Tax Info From Next Fiscal

India and Switzerland will start exchanging information on tax related matters from the next fiscal after the new tax information exchange treaty is ratified by the Swiss Parliament tomorrow, paving way for obtaining data on black money stashed there.

"It (information sharing) will take place from the first day of the next financial year, January 1, 2012 for Switzerland and April 1, 2012 for India," M Ganapathi, Secretary (West), Ministry of External Affairs, said here while briefing reporters on President Pratibha Patil's just concluded state visit to Switzerland.

The move comes at a time when the issue of black money stashed in Swiss banks has become a major concern back home with political parties and civil society taking up the matter.

The protocol amending the Double Taxation Avoidance Agreement between India and Switzerland was concluded in New Delhi on August 30 this year.

From: http://ping.fm/ejE6Q