Black Money of Foreigners held at Swiss Banks will be taxed

India and several other countries have been demanding from the Swiss Banks and the Government of Switzerland informations from Swiss Banks on deposits of people of their countries, who evade tax and keep their black money safely with Switzerland.

Now, the Swiss Banks, as an alternative to the information exchange, have proposed an idea of a ‘universal withholding tax’, wherein they would tax the earnings generated from the wealth of foreigners deposited with them and transfer the proceeds to the government of the concerned country, and is currently discussing the same with the relevant authorities.

The United States of America has recently reached an agreement for giving access to about 4,450 bank accounts of Americans with Swiss banking major UBS.

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