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| India To Expand TIEA Network |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, March 10, 2010
India’s Prime Minister, Manmohan Singh, has announced his intention to expand
the country’s Tax Information Exchange Agreement (TIEA) network, starting with
Bahamas and Bermuda, with whom India has already agreed the text of an agreement.
Speaking in India’s lower house of parliament, Singh said that the government
would begin pursuing TIEAs with twenty territories,
which India considers high priority.
“Twenty countries have been prioritized for entering into agreements
regarding exchange of information and systems in connection with taxes,” he said.
“Negotiations have been completed with the Bahamas and Bermuda and steps
have been taken for the signing of agreements. We have also approached Switzerland
for the renegotiation of our tax treaty so that we can have access to the information,”
Singh added.
Singh said that in particular, India is interested in concluding tax information
exchange agreements with the Bahamas, Bahrain, Congo, Liberia, Liechenstein,
Marshall Islands, Monaco, Panama, Seychelles, St Kitts & Nevis, Maldives,
Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of
Man, Jersey, the Netherlands and Macau.
The government has also called for the Financial Intelligence Unit to enter
into cooperation agreements with other countries’ counterpart authorities
to facilitate the exchange of information in cases of fiscal crime and in civil
tax matters. According to Singh, the Indian authority has already signed agreements
with Mauritius, Philippines, Brazil, Malaysia, Russia, Australia and Canada.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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