JOIN US“The Double Taxation Avoidance Agreement (DTAA) (bilateral agreement between two countries to avoid taxation of income in both countries) between India and Switzerland is being revised. It has already been approved by the Indian Parliament and its ratification by the Swiss Parliament is awaited,” Welti said, adding that the revised treaty will enable the government to source data in terms of taxes. The revised DTAA is expected by the end of this year.
Addressing presspersons at an FKCCI event here, Welti said that a solid basis is required to look into the matter, mentioning that there are strict Swiss rules and legislations in place.
“In Switzerland, there is a distinction between tax fraud and tax evasion. The former is given the status of a crime, while the latter is not a crime, but is something which is not allowed,” he said, adding that penalty for evasion can be anything from a fine to being liable to additional taxes.