Era of tax haven has come to an end: FM on latest Swiss move

May 26, 2015 20:57

With Switzerland making public names of some Indians with Swiss accounts, Finance Minister Arun Jaitely today said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally.

"I have been repeatedly saying that the era of tax haven has come to an end. It is no longer safe to keep your assets overseas illegally," he said in a press conference.

The world is increasingly moving towards automatic transmission of information with regard to illegal money held up. By 2017, the situation will arise that we will able to get information in real time, he added.

"In the Black Money Bill, which we have brought, we have provided a provision of compliance window... you utilise this opportunity, declare your assets, pay tax and pay penalty. If you do not use this chance, then we will take strict action," Jaitley warned.

Earlier this month, Parliament had passed Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, which seek to unearth unaccounted wealth stashed abroad.

The Finance Minister said persistent efforts had been made in the past one year with Swiss authorities to "break their banking secrecy".

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