GENEVA: Long perceived as a safe haven for unaccounted wealth, Switzerland has been facing international pressure to shed its banking secrecy practices. The Global Forum on Transparency and Exchange of Information for Tax Purposes said that some countries, including Switzerland, have demonstrated continuing progress toward implementation of the international standard for exchange of information on request.
Switzerland is moving towards “greater transparency” in providing administrative assistance on tax matters, a global body today said amid India making efforts to bring back illicit funds stashed by its citizens in Swiss banks.
The Global Forum on Transparency and Exchange of Information for Tax Purposes said that some countries, including Switzerland, have demonstrated continuing progress toward implementation of the international standard for exchange of information on request.
“Switzerland will now be assessed on its effective implementation of exchange of information on request; that report is due in the second half of 2016,” Paris-based think tank OECD said in a statement.
The Forum, which has more than 120 members, examines compliance with administrative assistance standards by means of peer reviews done in two phases.
