BERNE/NEW DELHI, Oct 8 � Under global pressure, including from India, Switzerland today began a process to put in place the necessary framework for automatic exchange of information on tax matters with the US, European Union and �further selected countries�, reports PTI.
In the initial phase, these countries would include those with which Switzerland has �close economic and political ties�, but it is not yet clear whether these nations would include India.
For determining these �selected� countries in the initial phase, the Swiss government would also take into account whether such jurisdictions provide their taxpayers (having accounts in Swiss banks) with �sufficient scope for regularisation�.
Switzerland has been perceived for long as a safe haven for alleged illicit funds or black money and it has been facing intense global pressure to lift the veil of secrecy about account and client details of its banking institutions.
