Prime Minister of India Narendra Modi‘s recent visit to Geneva, Switzerland has made heads turned up as the respective government has tried on convincing to give full support and co-operation so as to tackle tax evasion. As per statement provided by Press Information Bureau, the country will help out with all details of Swiss bank accounts where loads of black money stacked in. Mr Modi had a round table talk with Swiss President Johann Schneider-Ammann as well as an Industrialist where he spoke on Black Money context clearing all the mist in the matter of the action.
According to PM, We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect.
As per the standards approved by Organisation for Economic Co-operation and Development (OECD), India is one of the early adapters of Automatic Exchange Of Information (AEI). In a similar section, Switzerland will adopt the standards by 2018.
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OECD helps in facilitating an exchange of “non-residential financial account information” annually to the tax officials in the account holder’s native country without a separate request for such information. Also, the official website provides all details regarding the adapting standards.
Swiss government specified in the fact that both the country’s authoritative bodies are inclined towards making considerable progress in fighting tax evasion and fraudulence. On the other hand, India has become an original part of the global agreement as stated under Base Erosion and Profit Shifting norms, from country wise reporting so as to unveil information on MNCs, which has exceeded 750 million Euros in terms regarding consolidated revenue.
Apart from discussing over tax fraud and evasion, PM Modi set the stage for agenda on India’s membership in Nuclear Suppliers Group thus procuring a positive response from the founding member of European Free Trade Association.