English Release 16-April 2014
- President's Secretariat
- Probationers of Indian Postal Service and Indian P&T Accounts and Finance Service call on the President
- Election Commission
- Facts at a Glance: Jammu & Kashmir (5th Poll Day)
- Min of Commerce & Industry
- Indian Industry has an Important Role to Play in Developing Standards: Cabinet Secretary
- Ministry of Finance
- Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, ARECA Nuts, Gold and Silver Notified
- Min of Information & Broadcasting
- 61st National Film Awards for 2013 Announced
- Min of Personnel, Public Grievances & Pensions
- ACC Appointments
- Min of Petroleum & Natural Gas
- Diesel Under-Recovery declines to Rs 5.49/litre for the fortnight commencing 16.4.2014
Ministry of Finance13-December, 2012 17:33 IST
|Proposal to Operationalise DTAAs with 12 More Countries Under Process |
|India has entered into Double Taxation Avoidance agreements (DTAAs) with 84 countries. In addition, DTAAs have been signed with 3 countries, viz. Colombia, Uruguay & Ethiopia and will enter into force after completion of necessary formalities in these countries. Proposal to sign DTAAs with 12 more countries/jurisdictions is under process. These countries/jurisdictions are Albania, Bhutan, Chile, Croatia, Fiji, Hong Kong, Iran, Latvia, Senegal, Venezuela, Cuba and Macedonia. |
The Government has also identified priority countries/jurisdictions for negotiation of Tax Information Exchange Agreements (TIEAs). At present, India has TIEAs with 9 jurisdictions viz. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey, Guernsey, Liberia and Macau which are in force. In addition, three more TIEAs have been signed with Argentina, Bahrain and Monaco which will enter into force after completion of necessary formalities in these countries/jurisdictions. The proposal to sign TIEAs with another 34 countries/jurisdictions is under process. These countries/jurisdictions are Andorra, Anguilla, Antigua and Barbuda, Aruba, Barbados, Belize, Brunei Darussalam, Cook Islands, Curacao, Dominica, Dominican Republic, Faroe Islands, Greenland, Grenada, Honduras, Jamaica, Montserrat, Peru, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sint Maarten, Turks and Caicos, Vanuatu, Argentina, Bahrain, Gibraltar, Liechtenstein, Maldives, Marshall Islands, Panama, Saint Kitts & Nevis and Seychelles.
All these DTAAs and TIEAs contain an Article on Exchange of Information under which India tax authorities can seek information about a taxpayer.
Information is regularly exchanged with the treaty/agreement partners and is forwarded to the field authorities for taking appropriate action. The information exchanged is governed by the confidentiality clause of the respective DTAA/TIEA.
This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.
* * *
(Release ID :90599)