Tax treaty revision to help share account info: Swiss

NEW DELHI: Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised.

"India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details," Swiss Federal Tax Administration spokesman Beat Furrer said.

Furrer further said that both the countries have an existing double taxation avoidance agreement (DTAA) with no exchange of information clause. "That's why no account details are exchanged between the tax administrations of the two countries," he added.

However, Switzerland has changed its exchange of information policy in March 2009 and committed to the OECD standard regarding administrative assistance on tax matters.

The OECD tax convention code envisages member-countries to extend mutual help, coordination and information sharing in regard to tax evasion.

Earlier, the Swiss Bankers Association had said the country's law and tax model convention do not permit a name- fishing expedition by a third country.

India had also denied that it was on a "fishing expedition" seeking information about every banking account in Switzerland, allegedly deposited by Indians.

Last month, tax officials visited Switzerland to start renegotiating the DTAA.