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India and Gibraltar Sign Tax Information Exchange Agreement

India and Gibraltar have signed a Tax Information Exchange Agreement (TIEA) on 1st February, 2013 at London. The Agreement has been signed by Dr. Jaimini Bhagwati, High Commissioner of India to the UK from Indian side and Hon. Gilbert Licudi QC, Minister with the responsibility of Financial Services, Gibraltar on behalf of Gibraltar. This is the thirteenth TIEA being signed by India. So far India has signed TIEAs with Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Macau, Liberia, Argentina, Guernsey, Bahrain and Monaco. Salient features of the agreement with Gibraltar 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 use of information for non tax purposes 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 provides for exchange of past information in criminal matters.
  • The Agreement also provides for the Tax Examination abroad.

1st February, 2013

Feb 1, 2013
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