The Swiss Federal Tax Administration issued a statement on 11 December 2024, announcing that the application of the MFN clause under the 1994 Swiss-India tax treaty is suspended with effect 1 January 2025. As a result, dividends will be subject to a maximum withholding tax rate of 10% from 1 January 2025.

The MFN clause has been suspended following an Indian Supreme Court Ruling issued in Oc…