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    Oct 12, 2010

    INDIA SIGNS TAX INFORMATION EXCHANGE AGREEMENT WITH BARMUDA

    No.402/92/2006-MC (43 of 2010)
    Government of India / Ministry of Finance
    Department of Revenue
    Central Board of Direct Taxes
    ***
    New Delhi dated 7th September 2010
    India Signs its First TIEA with Bermuda
    India and Bermuda signed a Tax Information Exchange Agreement
    (TIEA) today. The agreement was signed by Shri S. S. Palanimanickam,
    Minister of State for Revenue, on behalf of India and Dr. Ewart Brown,
    Premier, on behalf of Bermuda.

    This is the first TIEA signed by India. The agreement is based on
    international standards of transparency and exchange of information, and
    also permits exchange of past information in criminal tax matters.
    Under the agreement, information that is relevant to the administration
    and enforcement of all domestic taxes can be exchanged. The information
    exchanged will, however, remain secret and can be disclosed only to
    specified authorities. The information can also be shared with other
    authorities after written consent of the competent authority of the requested
    party.
    The TIEA is expected to improve economic cooperation between the
    two countries.

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