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Switzerland scraps MFN for India citing lack of reciprocity
Hindustan Times Bengaluru
|December 14, 2024
NEW DELHI: Switzerland has suspended the most favoured nation (MFN) clause in a bilateral tax treaty with India following Indian Supreme Court's decision last year adding an extra procedural layer and making the applicability of the provision non-automatic, in a tax dispute involving Nestle SA.
An order from the Swiss government showed that cross-border dividend payments would be subject to 10% tax at source from January 1, as per the bilateral tax treaty between the two nations, rather than a 5% rate that the Swiss competent authority had said would apply in August 2021. However, for the tax years between 2018 and 2024, the 5% tax would apply, and the increase applies from next year, the Swiss government order said.
This story is from the December 14, 2024 edition of Hindustan Times Bengaluru.
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