Korea, Switzerland to Exchange Banking Information

March 02, 2010 09:50

Korea and Switzerland are expected to revise a bilateral tax treaty no later than July to exchange financial information in efforts to clamp down on tax-evasion.

Once ratified in both countries, it will be possible for Korea to exchange financial information with Switzerland and tax Koreans’ Swiss bank accounts.

"Korea and Switzerland have agreed to add a new provision on financial information exchange to the bilateral tax treaty. Currently, the two countries are holding technical talks on how to exchange information," a Finance Ministry official said Monday. "We're trying to reach final agreement no later than July."

A tax treaty normally has a provision on information exchange, but the Korean-Swiss tax treaty, concluded in 1981, does not.

Once it does, Korea can ask Switzerland for the account details of people it suspects of tax evasion.

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