INDIA and
San Marino signed a Tax Information Exchange Agreement (TIEA) at Rome, Italy
yesterday. The Agreement has been signed on behalf of India by Mr.Basant
K. Gupta, Ambassador of India to Italy with concurrent accreditation to San
Marino and Ms. Daniela Rotondaro, Ambassador of San Marino to Italy on behalf
of San Marino.
Salient features of the agreement with San Marino are:
• The agreement is based on international standard of transparency and exchange
of information.
• The agreement provides for exchange of information that is foreseeably relevant
to the administration and enforcement of the domestic tax laws.
• The agreement has a specific provision that the requested Party shall use its
information-gathering measures to obtain the requested information even though
that Party may not need such information for its own tax purposes.
• The agreement provides for exchange of banking and ownership information.
• The agreement 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 is expected to further strengthen tax cooperation between India
and San Marino.
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