India, Monaco ink TIEA
India and Monaco inked Tax Information Exchange Agreement (TIEA). The move will facilitate the both the countries to check tax evasion and money laundering. It is 9th TIEA inked by India.
Core features of the agreement:
· It follows global standard of transparency and exchange of information.
· Information must be foreseeable and relevant to the administration and enforcement of the domestic laws of the contracting parties concerning taxes and tax matters covered by the agreement.
· 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 disclosure of information to any other person or entity or authority or any other jurisdiction (including foreign Governments) with the written consent of the competent authority of the requested Party.
· 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.
· Specific provision for providing banking and ownership information.
· Specific provision for Tax Examination Abroad where authorities of one State can present in the tax examination of taxpayer in the other State.