Switzerland and France have amended their tax information exchange agreement which will now allow France to seek information about unidentified Swiss bank account holders.
The changes agreed by French Finance Minister Michel Sapin and his Swiss counterpart, Eveline Widmer-Schlumpf, bring their agreement in line with standards set out by the Organisation for Economic Co-operation and Development (OECD).
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As part of the new agreement, the two countries will now cooperate on so-called group requests that allow foreign tax authorities to secure data on groups of their citizens holding Swiss bank accounts without knowing their identities.
The amendment will enable French tax authorities to get at data on groups of their citizens holding Swiss bank accounts without knowing their identities.
The French government, which is trying to crack down hard on tax evasion, said it has raised an extra 1 billion in taxation from citizens coming clean about assets hidden abroad.
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By GlobalData
