Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised. “India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details,” Swiss Federal Tax Administration spokesman Beat Furrer told PTI in an email reply.
Furrer further said that both the countries have an existing double taxation avoidance agreement (DTAA) with no exchange of information clause. “That’s why no account details are exchanged between the tax administrations of the two countries,” he added.
However, Switzerland has changed its exchange of information policy in March 2009 and committed to the OECD standard regarding administrative assistance on tax matters.