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India-Switzerland to have first automatic exchange of information on tax matters soon: Ram Nath Kovind

NEW DELHI: President Ram Nath Kovind on Friday noted that India-Switzerland will have the first automatic exchange of information on tax matters in the coming weeks and described this is a very positive development.

Kovind, along with Ueli Maurer, the President of the Swiss Confederation, addressed the Federal Council of Switzerland in Berne on Friday and the remarks were made at that forum. The Federal Council is the highest executive authority in Switzerland. It comprises seven members, who are elected by the Federal Assembly.

The President highlighted the linkages between tax evasion and money laundering with terrorism. He said that the scourge of terrorism is among the gravest challenges that the world faces today. India has been a victim of state sponsored terrorism for decades and it seeks Switzerland’s support to enhance global efforts to defeat and destroy all manifestations of terrorism, he said.

Kovind emphasised that there is a need to strengthen India-Switzerland joint work in the multilateral arena. He said that in order to be effective, international institutions need to reflect the realities of the contemporary world. He thanked Switzerland for its consistent support for India’s membership of the Nuclear Suppliers Group. He said that India is committed to work with Switzerland to fight climate change. India also looks forward to Switzerland joining the International Solar Alliance.

Kovind is a on a three-nation state visit to Iceland, Switzerland and Slovenia.

Source: Economic Times