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India and Guernsey Sign Tax Information Exchange Agreement

20th December 2011

India and Guernsey have signed a Tax Information Exchange Agreement (TIEA) on 20th December, 2011 in London. The agreement has been signed by Shri Rajesh N. Prasad, Acting High Commissioner of India to the United Kingdom from Indian side and Guernsey Chief Minister, Deputy Lyndon S Trott from Guernsey side. This is the Ninth TIEA being signed by India. So far India has signed TIEAs with Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Argentina and Liberia. Salient features of the agreement with Guernsey 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 also provides for exchange of past information in criminal matters.
  • The Agreement also provides for the Tax Examination abroad.
Dec 20, 2011
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