Swiss help fight tax evasion

Korea and Switzerland have agreed to make it easier for each other to request and obtain financial information on individuals suspected of hiding money in secret bank accounts for tax evasion purposes, the Ministry of Strategy and Finance said yesterday.

The agreement was made as both sides concluded a revised double-taxation avoidance deal in Switzerland on Tuesday, according to the ministry.

Under the deal, both sides promised to strengthen cooperation in sharing financial information, allowing the other side to ask for disclosure of information by simply presenting the bank account numbers of those in question.

The agreement will go into effect July 25, making it easier for tax authorities here to track down bank accounts suspected of holding secret money in Switzerland.

Yonhap