Will New Swiss Tax Law Open Black Money Floodgates?

Will New Swiss Tax Law Open Black Money Floodgates? by Matthew Allen, swissinfo.ch

Amid much fanfare, a new Swiss law will enter into force on August 1 making it easier for other countries to extract information on tax dodgers. But what exactly does the revised Tax Administrative Assistance Act (TAAC) mean for countries like India?

Some sections of the Indian media immediately hailed the Swiss legislation as the answer to Indian Prime Minister Narendra Modi’s prayers to boost state coffers with the repatriation of ‘black money’ from abroad.

One of Modi’s first acts upon being elected this summer was to set up a Special Investigations Team to dig out the reputed multi-billion dollar stash...