INDIA and Liechtenstein today signed a Tax Information Exchange
Agreement (TIEA) at Bern, Switzerland. The Agreement was signed by Ms Chitra
Narayanan, Indian Ambassador in Switzerland from Indian side and Madame Doris
Frick, Ambassador of Liechtenstein in Switzerland on behalf of Liechtenstein .
Salient features of the agreement (TIEA) with Liechtenstein are:
- It is based on
international standard of transparency and exchange of
information.
- Information must
be foreseeable relevant to the administration and enforcement of the domestic
laws of the Contracting Parties concerning taxes covered by the agreement.
- There is a
specific provision for providing banking and ownership information.
- It provides for
the representatives of the competent authority of the requesting Party to enter
the territory of the requested Party to interview individuals and examine
records.
-
The
Agreement has specific provisions for protecting the confidentiality of the
information obtained under the Agreement. Information is to be treated as secret
and can be disclosed to only specified person or authorities, which are tax
authorities or its oversight body. However, the information may be used for
other purposes with the express consent of the Competent Authority of the
supplying State.
- The Agreement
shall enter into force one month from the later of the notification. On entering
into force, information can be exchanged if it pertains to taxable periods
beginning on or after 1 st April, 2013.
- The Agreement
provides for the exchange of documents or information created in or derived from
a date preceding 1 st April, 2013, that are foresee ably relevant to a request
relating to tax years beginning on or after 1 st April,
2013.
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