• Breaking News

    Loading...

    Feb 14, 2011

    INDIA AND BAHAMAS SIGN TIEA

    No.402/92/2006-MC (04 of 2011) 
    Government of India / Ministry of Finance 
    Department of Revenue 
    Central Board of Direct Taxes 
    ***
    New Delhi dated the 12
    th
     February 2011 
    PRESS RELEASE 
    India has entered into a Tax Information Exchange Agreement (TIEA) with the 
    Bahamas. The Agreement was signed on 11
    th
     February 2011 by the High Commissioner of India 
    to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of India 
    and the Minister of State for Finance on behalf of the Government of the Commonwealth of The 
    Bahamas. 

    The agreement provides for sharing information, including exchange of banking and 
    ownership information. Although the information shared will be covered under the secrecy 
    clause, it can be shared with specified tax authorities or authorities concerned with 
    determination of tax appeals. Information can also  be shared for other purposes with the prior 
    consent of the giving party. 
    This is the fourth TIEA entered into by India in recent months. Earlier, India had signed 
    similar TIEAs with Bermuda, Isle of Man and British Virgin Islands.  

    No comments:

    Post a Comment

    Featured

    Recent Post

    Subscribe Now!

    A to Z of Tax and Banking