India, Switzerland to step up fight against tax fraud

BY : News Gateway / India- Switzerland / New Delhi /

“Prime Minister Modi welcomed the steps taken by the Swiss side to expedite the execution of tax information sharing request by India and hoped that the two sides resolve outstanding issues expeditiously through bilateral dialogue at competent authority level,” it said.

Prime Minister Narendra Modi on Thursday told visiting Swiss President Doris Leuthard that India will continue to work with Switzerland to combat black money.

“Transparency in financial transactions is an issue of concern in today’s world, whether it be black money, dirty money, hawala or arms and drugs financing,” Modi said after holding talks with Leuthard here. “To combat this global problem, we will continue to cooperate with Switzerland.’’

Leuthard hoped the Swiss parliament would clear a law on automatic exchange of information relating to tax by the end of this year. She added her country will be able to exchange first set of information with India by 2019.

A joint statement, issued later in the evening, said that the two leaders emphasised their “willingness” to further enhance cooperation in the fight against tax fraud and tax evasion. “They acknowledged the importance of a global level playing field for effective implementation of the international standards on tax transparency.’’ It said they look forward to the first transmission of financial account information between the two countries.

“Prime Minister Modi welcomed the steps taken by the Swiss side to expedite the execution of tax information sharing request by India and hoped that the two sides resolve outstanding issues expeditiously through bilateral dialogue at competent authority level,” it said.

Modi called foreign direct investment an important pillar of economic cooperation between India and Switzerland. “We specially welcome Swiss investors in India. We agreed to continue discussions on a bilateral agreement regarding this. Swiss companies have a lot of expertise to partner India in its road to development,” he said. Modi said the proposed free trade agreement between the EU and India also came up for discussion.

Modi thanked Leuthard for her country’s support for India’s entry into the Nuclear Supplier’s Group (NSG). “India is grateful to Switzerland for supporting India’s membership in the Missile Technology Control Regime,’’ he said. The statement said that Switzerland welcomed India’s accession to the Missile Technology Control Regime and “welcomed India’s intensified engagement” with the NSG, Australia Group and Wassenaar Arrangement.