Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India
 
 
« General »
 Filing ITR just got easier for salaried class with CBDT's one-page form
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956

Swiss banks cannot act as any country's tax inspector
May, 16th 2009

As India awaits the poll results with bated breath, the controversy over black money stashed away abroad was further stoked by the Swiss Bankers Association (SBA) whose spokesperson told TOI on Friday that Swiss banks cannot work as any country's tax inspector and that the association has requested the Swiss authorities to examine each request carefully to make sure a real crime is involved before agreeing upon revealing a client's identity or assets.

The spokesperson also rubbished reports that it had ever issued a report on black money deposited in Swiss banks by Indians which he said was being passed around like the Gospel truth.

Unlike in India, tax evasion is not looked upon as a crime by Swiss banks. The SBA spokesperson, James Nason, while replying to a query from this paper, said that taxes are the personal responsibility of citizens and not banks. "If they suspect an existing client is using his account for criminal purposes the banks are obliged by law to freeze the account and make a report to the authorities. However, it is not the job of Swiss banks to play the role of a foreign country's tax inspector and find out whether that person has paid all his taxes,'' said Nason, even as he refrained from making any comment on Pune resident Hassan Ali Khan who is alleged to have deposited $8 billion in secret accounts and whose case has been taken up by Indian authorities with their Swiss counterparts.

The right to privacy, he said, in Switzerland can be suspended by a judge when a criminal investigation is underway and that the Swiss authorities can order and authorise a Swiss bank to deliver the relevant account information.

Nason also scoffed at the figures being quoted by political parties in India on the black money allegedly lying in Swiss banks saying that these were meant only for the election campaign. The BJP has suggested that the actual amount could be as high as $1.4 trillion. "At best, these are speculation, and at worst pure fantasy. No one ever gives a source for these figures, neither does anyone explain the methodology used to arrive at them and I strongly suspect they have been contrived to serve the purposes of an election campaign,'' said Nason, as he wondered if there is not a single penny of Indian "black" money in London, New York, Hong Kong or Singapore.

"Swiss banks have no interest at all in attracting dirty money and well-established procedures exist to identify, freeze and report funds of possible criminal origin and also to give international legal assistance to foreign countries investigating crimes,'' he added.

"We have noticed, however, that in some countries, and, of course, India is not one of them, where justice is a commodity purchased by the kilo like potatoes and the system of international judicial assistance in criminal matters has been abused to frame, damage or destroy political or commercial rivals. We have thus urged the Swiss authorities to examine each request carefully to make sure a real crime is involved,'' he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions