Swiss banks offer to tax Indian, other foreign clients

[AnGrz_Z_K_Jailer]

Pressed hard for giving access to details of money stashed away by Indians and other overseas clients with them, Swiss banks have offered to tax this wealth on behalf of the respective foreign governments.

India, where there have been long-running demand for concrete actions to bring back the black money lying in highly secretive Swiss banks, will begin talks in December for a new tax treaty with Switzerland so that it could get details about the defaulters.

Besides India, a number of other countries are also said to be looking at similar treaties, while the US recently reached an agreement for giving access to close to 4,450 bank accounts of Americans with Swiss banking major UBS.

As an alternative to the information exchange, Swiss banks have mooted the idea of a 'universal withholding tax' --wherein they would tax the earnings generated from the wealth of foreigners deposited with them and transfer the proceeds to the government of the concerned country -- and is currently discussing the same with the relevant authorities.

When asked about the proposal and its applicability to the wealth deposited by Indians in Switzerland, Swiss Bankers Association's Head of International Communications James Nason told PTI from Basel: "We are in contact with the Swiss authorities about the proposal so it would be premature to publicise more details for the moment."


Link : Swiss banks offer to tax Indian, other foreign clients: India Today - Latest Breaking News from India, World, Business, Cricket, Sports, Bollywood.

 

[Jamshed]

i dont really understand dat why ppls are so stupid

'No secret stashes of Indian money in Swiss banks'

read dis and answer me please this is my request to all indians dont make fun of ur self its not because we r jealous of indian may u ppls get 2 trillion instead of 1.4 but be realistic this news is also same as the other news circulated through mails for years in which it was said dat 36% of nasa and 34 % microsoft employees are indian n blah blah

 

[AnGrz_Z_K_Jailer]

Mr jamsheed ..... Thanks for your informative post, let's say if above news regarding Swiss banks policy is ture it's not fruitfull for India but good for other nations also including Pakistan, because we better knows our corrupt babus. So what's wrong in a good hope?

Secondly Mr Jamsheed try to contribute valuble information rather than trolls.

Regards
Azam Khan