Swiss tax information sharing move to benefit developing nations: World Bank

Switzerland's decision to share information on tax matters with other jurisdictions could mean "billions of dollars in increased revenues" for developing countries, according to World Bank. Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities. In a blog, World Bank has said Swiss government's decision to sign OECD's Convention on Mutual Administrative Assistance in Tax Matters is the latest of a series of developments that have radically increased amount and quality of tax information available to governments.

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