INDIA and
Isle of Man today signed a Tax Information Exchange Agreement
(TIEA).
The agreement was signed by Mr Nalin Surie, High Commissioner of India to the
United Kingdom and Hon. Anne Craine, MHK, Minister of the Treasury from Isle of
Man side. This is the second TIEA being signed by India. First TIEA was with
Bermuda in Delhi on 7th October, 2010.
The key highlights of the
agreement with Isle of Man are:
+ It is based on international standard
of transparency and exchange of information.
+ Information must be
foreseeably relevant to the administration and enforcement of the domestic laws
of the Contracting Parties concerning taxes covered by the agreement.
+
The requesting State has to provide some minimum details about the information
requested in order to justify the foreseeably relevance criteria.
+
Information is to be treated as secret and can be disclosed to only specified
person or authorities, which are tax authorities or the authorities concerned
with the determination of tax appeal.
+ It also provides for disclosure
of information to any other person or entity or authority or any other
jurisdiction with the written consent of the competent authority of the
requested Party.
+ There is a specific provision that the requested Party
shall provide upon request the information even though that Party may not need
such information for its own tax purposes.
+ There is a specific
provision for providing banking and ownership information.
+ The
Agreement also allows exchange of past information in criminal tax
matters.
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