Switzerland to work with Modi govt on tax evasion

As the debate on alleged black money stashed by Indians in Swiss banks continues, Switzerland on Monday said it is looking forward to working together with the new government of India in its fight against tax evasion.

The European nation's Ministry of Finance also said that "Switzerland understands and shares India's wish to fight tax evasion and is committed to complying with the relating international standards," according to a statement issued through the Swiss Embassy.

The comments came on a day when Indian Finance Minister Arun Jaitley said his government was writing to the Swiss authorities to seek details of Indians with black money in banks in Switzerland.

This followed a disclosure by a Swiss government official that work is progressing on sharing the details with India about suspected untaxed money and their holders.

Reacting to reports about this disclosure, the Swiss Finance Ministry clarified that "no official meeting" has taken place between the two countries on administrative assistance in tax matters since February.

"Since a high-level Swiss delegation met with its India counterparts in New Delhi in February 2014, no further official meeting has taken place. There is no new development to be reported," the Finance Ministry statement said.

The ministry said that "Switzerland is actively taking part in international efforts aimed at better combating tax fraud and evasion such as the development of a worldwide standard for automatic exchange of information.

"Like India, Switzerland has endorsed the declaration on automatic exchange of information published by the OECD on the occasion of its annual Ministerial Council Meeting in Paris on May 6-7, 2014.

"Switzerland is committed to resolving any open question with India and trusts that India shares its understanding that any solution can only be found within the established national and international legal frameworks.

"Switzerland looks forward to working together with the new government of the Republic of India in its fight against tax evasion," it added.