GENEVA: 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, reported Economic Times.
Long perceived as a safe haven for unaccounted wealth, Switzerland has been facing international pressure to shed its banking secrecy practices including from India.
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.
Citing progress made by the Alpine nation on transparency in tax matters, the Forum has admitted Switzerland into phase 2 of the peer review.
“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 including India, examines compliance with administrative assistance standards by means of peer reviews done in two phases.
In phase 1, an examination is conducted to check whether the necessary legal foundations are in place for information exchange in accordance with international norms. Phase 2 examines effectiveness of such exchanges.
