Press Esc to close
Wednesday 29 March 2017
News updated at 2:00 AM IST

Govt approves tax information exchange pact with Liechtenstein

New Delhi, March 18, 2013 (PTI)
A pact to be signed with Liechtenstein in Europe for bilateral exchange of information on tax matters was today approved by the Union Cabinet amid its efforts to track black money stashed abroad.

India has been in negotiation with the European nation on Tax Information Exchange Agreement (TIEA) since 2009.

In March 2009, India was able to obtain information through the German government regarding Indian taxpayers having accounts with LGT Bank in Liechtenstein.

The G-20 summit in London in April 2009 proved to be an important milestone when just before the summit, countries such as Switzerland, Liechtenstein, Luxembourg, and Monaco announced their preparedness to accept OECD standards of transparency and exchange of information.

As per the international standard, tax information exchanged under DTAAs/TIEAs is protected by the confidentiality clause of the respective DTAA/TIEA under which information is received.

All the TIEAs signed by India have provisions for tax examination abroad. Most of the TIEAs signed by India also contain provision for obtaining past information either in all cases or at least in criminal cases.

India has been expanding its tax agreements with different countries and jurisdictions as part of the drive to crack down on the menace of black money and tax evasion.

Go to Top

Photo Gallery
People  are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

People are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

A group of Marathi women, dressed in traditional attires, with placards displaying...

A group of Marathi women, dressed in traditional attires, with placards displaying...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

‘King of fruits’ mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

‘King of fruits’ mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Smoke billowing out of the house which was targeted by the security forces personnel for...

Smoke billowing out of the house which was targeted by the security forces personnel for...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523