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Posts Tagged ‘Davos’

Switzerland to share tax information with India:Swiss official

Posted by Admin on January 29, 2011

Assorted international currency notes.

Ka Ching Bling

http://in.news.yahoo.com/switzerland-share-tax-information-india-swiss-official-20110128-220000-062.html

PTI – Sat, Jan 29 11:30 AM IST

Davos, Jan 29 (PTI) Dismissing the perception that Switzerland is a tax haven, a senior Swiss government official today expressed hope that the revised tax avoidance treaty with India will be ratified during the year, following which Swiss authorities would provide administrative assistance to India to deal with cases of tax evasion.

“We have recently signed an agreement with India, which is now in the Parliament in order to get rectified.

And then, we will concretely take steps against tax evasion and as soon as this agreement is enforced… both sides can also grant administrative assistance (to deal with ) tax evasion,” Switzerland Federal Department of Finance State Secretary Miachael Ambuhl said in an interview to private news channel NDTV.

India and Switzerland in August last year signed a revised Double Tax avoidance Agreement (DTAA) that will enable exchange of information on tax evaders, considered a must for getting details on unaccounted funds stashed away by Indians in Swiss banks. The agreement, however, is yet to be ratified by the Switzerland Parliament.

“This perception is wrong. Switzerland is not a tax haven…Switzerland has not given tax refuge to people who want to hide their money,” Ambuhl said, adding the agreement hopefully will be ratified this year.

“We want to have confidentiality for the bank clients but we don”t want to protect them from paying taxes. There is no such thing that in Switzerland you can avoid paying your taxes,” he added.

He further said that if India authorities would get the information, provided they are able to produce evidence of tax evasion.

“If Indian authorities can show that there is evidence that people have evaded there money, then the answer is ”yes”. If Indian authorities can give evidence that for the person X or Y, there is evidence that they have evaded their taxes in Switzerland, we will grant administrative assistance”, he added.

On whether the treaty would bring about substantial change, Ambuhl said, “It will not change everything. We have already got a good legal basis to grant judicial and administrative assistance, but as soon as this commences in force, then it will become even better.” PTI PC CS RAH

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Emerging economies are fed up by West lecturing, says Premji

Posted by Admin on January 29, 2011

Azim Premji, chairman of Wipro, India, at the ...

Wipro CEO - Mr.Azim Premji

http://in.finance.yahoo.com/news/Emerging-economies-fed-West-pti-1342019832.html

On Thursday 27 January 2011, 10:16 AM

Prakash Chawla Davos, Jan 27 (PTI) In a harsh criticism of the US “restrictive” policies, Chairman of India-based Wipro Azim Premji told the gathering of global CEOs that the emerging economies are “more than fed up” of being lectured by the west to open their economies without any reciprocity.

“I think they (emerging economies) are fed up of being needled for opening their economies,” Premji said here at the annual meeting of the World Economic Forum.

He particularly expressed his disappointment with the US seeking more market for its goods in the developing economies, while putting restrictions on its import of services. The liberalisation of goods and services was being treated differently.

When asked whether the Asian economies are “fed up by the lecturing” by the west, Chairman of India”s third largest software exporter said: “more than fed up”.

“People don”t seem to equate, liberalise both products and services. If you are talking about global trade–it is products and services.

You cannot have one standards of opening up economy for emerging countries to products and contrary (for the others) particularly the US, which has put all sorts of restrictions on services. This cannot be one way traffic,” Premji said.

The Indian IT industry which gets USD 50 billion of its revenue from the global outsourcing, mainly from the US is peeved at a string of restrictions by the American authorities for service imports.

These include hiking the visa fee for professionals.

On the contrary, India has given deals worth USD 10 billion to the US which will create jobs for 50,000 Americans. Services are of key interest to India, as they provide about 55 per cent of its Gross Domestic Product.

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