SWISS TAX DEPARTMENT DISCLOSES NAME OF CONGRESS LEADER, HER SON, INDIA SEEKS

The number of Swiss institutions have seen “asset outflows” and the tax status of many of their clients have been found to be “inappropriate”, as per the Swiss Financial Market Supervisory Authority (FINMA), which also has the mandate to combat money laundering activities.

Switzerland authorities revealed on Tuesday that India has sought its assistance in the probe related to Congress leader and former Union minister Preneet Kaur’s and her son Raninder Singh’s alleged bank accounts. The Federal Tax Administration (FTA) of Switzerland accordingly in lieu of the regulations have asked both the mother and the son to file an appeal in 10 days time for exercising the “right to be heard”. “When we receive one, we will respond”.
The Swiss tax department has made these disclosures in two separate notifications published today in the Switzerland government’s federal gazette.
The Central Board of Direct Taxes had approached Swiss authorities for details of bank accounts maintained by Kaur and members of her family.
In tax-related matters, as per double taxation avoidance agreement, Switzerland extends cooperation, but not before publishing names in the Swiss gazette giving opportunity to its customers to oppose.
Notifications disclosed by the Swiss authorities did not disclose extensive details about both of them except their nationality and furnishing their date of birth.
Earlier when her name had appeared in a leaked HSBC list, Kaur had denied having any account in her name with any foreign bank.
She had said that even though a statement was recorded by the tax authorities, she was not shown any document that might indicate having a foreign bank account or a trust.
Over a dozen names of Indian account holders have been disclosed so far.