Exchange Of Information Agreement With India

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The automatic exchange of information is the systematic and regular collection and transmission by the country of origin of “mass” tax data to the country of residence of the subject, without the latter having to request it. The exchange of information through the AIA is authorized by the provisions of the DBAA (except express prohibition) and by the Multilateral Convention (MAAC). Receiving jurisdictions are expected to set up a procedure for the use of mass information to match income or accounts obtained abroad with the income or accounts indicated in their tax returns, in order to detect, if any, cases of tax evasion. The agreement will improve cooperation between India and the Marshall Islands by providing an effective framework for the exchange of information on tax issues, which will help reduce tax evasion and evasion. On 21 May, India announced the entry into force of a Tax Information Exchange Agreement (TIEA) with the Marshall Islands, a country in the central Pacific Ocean. TIEA was signed on 18 March in Majuro, the Republic of the Marshall Islands, by representatives of the Government of India and the Marshall Islands. The agreement will enter into force on December 6, 2018. Since May 2019, India has concluded 21 TIEA agreements with: Argentina, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, San Mario, Isle of Man, Jersey, Liberia, Macao Sar, Maldives, Liechtenstein, Monaco, St. Kitts and Nevis, as well as Seychelles. Not long ago. India and Brunei Darussalam, a country in Southeast Asia, have signed a TIEA.

A TIEA is a reciprocal agreement between countries, which is a variant of a tax treaty, which has been specifically concluded by governments to exchange information useful to the management and enforcement of national tax legislation of the contracting parties. This information generally relates to the setting, taxation and collection of taxes; collection and enforcement of tax claims; Investigations, including prosecutions. The exchange of information on request was completed by an automatic procedure on 29 October 2014. [2] The automatic process must be based on a common reporting standard.

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