administrative assistance in tax matters with overseas jurisdictions.
This has made the European nation a signatory to OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters, to which India is also a signatory.
The convention, once operational, would require Switzerland to extend all kinds of mutual assistance in tax matters including exchange on request, spontaneous information sharing, tax examinations abroad, and assistance in tax collection.
Paris-based OECD (Organisation for Economic Cooperation and Development), sets the global tax standards and is the key player in international efforts to curb the menace of tax evasion and black money.
On October 16 last, Swiss government had said that revision of the Tax Administrative Assistance Act was necessary due to international developments in the area of taxation.